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Redstone Acquires More of Midway

4 Jan, 2004 By: Erik Gruenwedel

The Federal Trade Commission has granted Viacom CEO Sumner Redstone's request to purchase additional shares of the troubled video game publisher Midway Games, according to a Reuters story.

Redstone, who has a 30 percent stake in Midway's parent, WMS Industries, wants to increase his stake in Midway to up to $100 million.

Midway, which created the Pong and Mortal Kombat games, has posted losses for 15 consecutive quarters.

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