Midway’s troubles have gone from bad to worse.
Sumner Redstone, the majority owner of the ailing video game publisher, has sold the company to investor Mark Thomas for $100,000, or $0.0012 per share, along with the assumption of $70 million in debt.
Redstone, through his entertainment company National Amusements, unloaded over 87 percent of his stake in Midway.
The sale comes amid National Amusement’s attempts to repay $1.6 billion in debt.
Midway has had a rocky few months. Among the setbacks: the need for an unexpected $40 million loan, decreased revenue, increased losses, project cancellations, stuido shutdowns, and layoffs. Most recently, Midway was told by the New York Stock Exchange that its stock would be delisting.
The publisher has been pinning its hopes on a recently-released crossover fighting game called Mortal Kombat vs. DC Universe. But analysts are predicting the game will flop at retail.
Midway shares dropped $0.05, or 13.16 percent, to $0.33 by the end of trading.
The company could not be reached for comment.