Redstone Gives Stake in Midway to Daughter

From Bloomberg News

Sumner Redstone placed his stake in Midway Games Inc. into a new company controlled by his daughter, Shari Redstone, in an effort to free him from $425 million of debt.

The shift will place the stake in Sumco Inc., according to a filing with the Securities and Exchange Commission. Sumco will assume shares that had been used as collateral by Redstone for a loan from Citigroup Inc.