Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. HOMEPAGE

Redstone Sells Midway, Considers Staking Viacom/CBS Against Debt

Sumner Redstone 1.jpgIn order to help resolve some of his family's $1.6 billion debt problems, Sumner Redstone's will sell his 87% stake in videogame-maker Midway games to private investor Mark Thomas.

The sale will count as a $800 million tax loss, but comes at time when Redstone needs cash -- and a tax break -- now. 

Advertisement

As a part of a deal to appease debtors, Redstone's holding company National Amusements could also sell some of its movie theaters and a portion of its slot-machine business. Whatever National Amusements doesn't sell -- including Redstone's stakes in Viacom and CBS -- would go toward securing the debt.

See Also:
The Biggest Losers

Media
Advertisement
Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

Jump to

  1. Main content
  2. Search
  3. Account