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Zucker “resignation” mired by stark reality of horror losses

March 23rd, 2008 @ 09:32

This article takes the rub off David Zucker’s “resignation” from Midway this week by doing some rather wince-worthy sums about the state of the company since Sumner Redstone took control in 2004.

  • Midway’s net losses since 2004: about $300 million
  • Revenue growth from 2004 through 2007: -3%
  • Increase in net loss from 2004 through 2007: +399%
  • Change in Midway stock value from the day Redstone took over through today: -79%
  • Loss in equity value for Sumner Redstone: Over $500 million (this is a very conservative estimate given that Redstone’s exact stock ownership has fluctuated over the years)

Nice. Make the graphs go up, David. If the graphs go up, everyone’s happy.


Posted in: Midway, Trade
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4 comments on “Zucker “resignation” mired by stark reality of horror losses”

  1. Like the tag, ;)

    Those really are insane numbers, especially how 3% revenue loss translates to £240m in net loss. They must have been wasting a lot of money somewhere. Tattoos and gravestones don’t cost that much do they?

  2. They need to release some decent games. End of story. They bet the bank on Stranglehold last year, and with the best will in the world, that was never going to prop up an entire publisher. There’s no breadth to the portfolio. Look at THQ as another mid-range publisher by contrast: tons of kids stuff. Midway doesn’t have anything like it.

  3. They have Mortal Kombat though, don’t they? That always seems to sell fairly good. (Propably not good enough for Midway though)

  4. There hasn’t been a really decent MK game for years. Hope the one coming up in 2008 does the business for them.

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