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Midway sold for $0.0012 per share

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According to this Reuters report, quoting the Wall Street Journal, Sumner Redstone has sold his 87 percent share in Midway to investor Mark Thomas for $100,000, or $0.0012 a share.

Thomas will assume $70 million of senior secured and unsecured debt.

The sale amounts to a significant loss on Redstone's investment but secures a hefty tax benefit as he negotiates other asset sales, the paper said.

Redstone has made the move to ease debt on his firm, National Amusements, which has about $1.6 billion in debt outstanding. Half of that will need to be repaid by year-end.

Blimey. More through the link.

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