Sumner Redstone is selling low -- way low. Here's The Wall Street Journal with the news:
In an effort to help resolve his debt problems, Sumner Redstone has sold his controlling stake in videogame company Midway Games Inc to a private investor.
Mr. 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.
Redstone has been discussing selling all sorts of assets, including movie theaters and his holding in slot machine company WMS Industries, the Journal said.
What next? Redstone already said he wouldn't sell any more shares in Viacom and CBS to cover his debts. But the Journal says the Redstone family is discussing securing their outstanding debt ($1.6 billion) with their remaining assets. Let's watch those stocks...
