Redstone Sells Stake in Midway Games

NEW YORK, December 2: Sumner Redstone, the executive chairman of Viacom and CBS Corporation, has sold his
controlling stake in video game company Midway Games to a private investor, a
move intended to ease his debt.

Redstone's holding
company, National Amusement, sold the 87-percent stake to investor Mark Thomas,
according to a filing with the Securities and
Exchange Commission. Thomas has agreed to pay approximately $100,000 for the
stake, and will assume $70 million of senior secured and unsecured debt.

Though the
sale amounts to a loss on Redstone's investment, it does secure a sizable tax
benefit as he negotiates the sales of other assets. National Amusements
reportedly has about $1.6 billion in debt outstanding. Redstone has already
some $230 million in shares of Viacom and CBS to help resolve debt issues.

—By
Kristin Brzoznowski