Sumner Redstone, CEO of Viacom, has hired a financial advisor to evaluate the possibility of increasing his stake in Midway Games and taking the publisher private. Redstone, whose investment in Midway is independent of his role at Viacom, recently increased his stake in the company from 71.39% to 72.4%
Redstone has said he agreed to acquire 1.25 million Midway Games shares from Neil Nicastro, who will resign this week as chairman of the company. Redstone now owns about 49.4 million common shares.
Source: Associated Press