Viacom chairman and CEO Sumner Redstone has once again increased his personal stake in Midway Games to 80.9%, after purchasing 44,000 additional shares on Wednesday.
Acquiring over 80% of the company’s stock gives Redstone the ability to “freeze out” minority shareholders, so that there is no longer a need to submit most actions to a shareholder vote.
Exactly why Redstone has shown so much interest in the previously beleaguered publisher remains a mystery, with current theories suggesting that he will take the company private and then sell it to Viacom.
Source:
GameSpot
