Sumner Redstone (National Amusement) has sold his controlling stake (87 %) of Midway to Mark Thomas for a mere $100,000. But the deal also includes Thomas assuming responsibility for more than $70 million worth of debts that Midway have amassed.
The company has supposedly cancelled several unannounced projects and laid off staff this year as they have struggled to come to terms with the transition from last generation to current generation.
Midway currently faces delisting on the New York Stock Exchange and it remains to be seen if the new owner has the financial muscles to turn things around for Midway.