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Redstone Leaves Midway Board
by Eric Caoili
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November 10, 2008
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Chicago-based Midway Games says that Shari Redstone resigned as chairman of the publisher and developer's board of directors, which she joined in 2004. She was appointed to the top position in just December of last year.
She also serves as president of entertainment company National Amusements and is the daughter of media mogul Sumner Redstone, who owns over 85 percent of Midway's stock through his companies National Amusements and Sumco.
In the recent past, significant cash infusions from National Amusements have been needed to keep perpetually-ailing Midway in business, with a September loan of $40 million to help fund the company's holiday releases.
"With my recent appointment to the special committee of the National Amusements Board of Directors, I am resigning from the Midway Board to focus on these responsibilities," Redstone said.
Midway announced Peter Brown, a member of the board since 2005, as Redstone's replacement. He is currently president, CEO, and chairman of movie theater chain AMC Entertainment.
Redstone's resignation comes several weeks after it was revealed that her father and National Amusements sold $233 million worth of shares of stock in CBS and Viacom at only 60 percent of the value the company was targeting.
It was then revealed that National Amusements is attempting to refinance $1.6 billion in debt -- currently, the company is facing a December deadline to repay $800 million of that sum, leading some to connect the stock sale and the impending loan issue.
Redstone and her father have been reported to be in continued disagreement about Midway's direction. Since 2005, Shari Redstone has controlled National Amusements' investment in the publisher.
Midway intends to report its financial results for the third quarter ending September 30th at market close today.
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