Zucker "resignation" mired by stark reality of horror losses
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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.