Sumner Redstone sold his controlling stake in Midway Games on Monday for $100,000 or $0.0012 per share; the company's share price dipped dangerously following the transaction. At just 23 cents, Midway's stock dropped almost 40 percent since Monday.
Redstone's 87 percent stake has been passed on to private investor Mark Thomas, who will assume the $70 million outstanding debt, meaning the money will go to him rather than Redstone's investment vehicle, National Amusements (NAI), should that debt ever be reconciled.
It's been a tough year for Midway, filled with lay-offs and cancelled projects, riddled with losses and overwhelming debt. Due to the Mortal Kombat publisher's dismal performance, it currently faces delisting from the New York Stock Exchange for its below-dollar stock value.
Current Midway president Matt Booty has his work cut out for him as he now scrambles to save the ailing company.