Zucker “resignation” mired by stark reality of horror losses

By Patrick Garratt
23 March 2008 09:32 GMT

This article takes the rub off David Zucker’s “resignation” from Midway this week by doing some rather wince-worthy sums about the state of the company since Sumner Redstone took control in 2004.

  • Midway’s net losses since 2004: about $300 million
  • Revenue growth from 2004 through 2007: -3%
  • Increase in net loss from 2004 through 2007: +399%
  • Change in Midway stock value from the day Redstone took over through today: -79%
  • Loss in equity value for Sumner Redstone: Over $500 million (this is a very conservative estimate given that Redstone’s exact stock ownership has fluctuated over the years)

Nice. Make the graphs go up, David. If the graphs go up, everyone’s happy.

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