Redstone Increases Stake in Midway

Midway Games Inc., the money-losing maker of Mortal Kombat video games, said Sumner Redstone would buy 1.25 million shares from its departing chairman.

Redstone, chairman of No. 3 U.S. media company Viacom Inc., will pay $11.33 a share, or $14.2 million, Midway said in a Securities and Exchange Commission filing. Redstone currently owns 71.4% of Chicago-based Midway. He’s buying the shares from Neil Nicastro, who will step down this week.

Shares of Midway rose 37 cents to $11.98 on the NYSE.