Redstone firm to back up Midway
From Times Wire Services
Sumner Redstone’s National Amusements Inc. agreed to provide as much as $40 million in financing to Midway Games Inc., the money-losing video game maker the media billionaire also controls.
National Amusements will supply the funds by buying receivables, Chicago-based Midway said. The company had $14.6 million in cash as of June 30, down from $57 million a year earlier.
Midway is cutting jobs and reducing development spending to lower costs.
