In what is amounting to an extremely terrible year for Midway, it is being reported that a majority stock holder, Sumner Redstone, has sold his 87% stake in the company for only $100 000 and what amounts to $0.0012 cents a share.

Redstone, a media mogul and head of holding company National Amusements, has been experiencing financial troubles of his own as National Amusements is $1.6 billion in debt, half of which needs to be repaid by year end. To this end, the company has already sold roughly $230 million in shares from their controlling stakes in CBS Corp. and Viacom, to help make up for the debt.

To further ease the load, Redstone will be selling his majority stake in Midway to Mark Thomas, a private investor and the head of MT Acquisition Holdings LLC. It is believed that, through the sale, Redstone will gain significant tax benefits, while Thomas will inherit Midway’s $70 million worth of secured and unsecured debt.

Midway’s biggest games this season have been Mortal Kombat VS DC Universe and Blitz: The League II. Hopefully they sell well.