Submitted: December 1, 2008 - 9:37am
Last updated: December 1, 2008 - 9:37am
In an effort to help resolve his debt problems, Sumner Redstone has sold his controlling stake in videogame company Midway Games to a private investor. Redstone's holding company, National Amusements Inc., is expected to announce Monday that it sold its 87% stake in Midway to investor Mark Thomas, a move that represents a significant loss on the media mogul's investment but secures a hefty tax benefit as he negotiates other asset sales.