Media titan Sumner Redstone's credit has been maxed out, and he's scrounging for a way out. Redstone already sold his 80% stake in Midway Games Inc. for $100,000, also translating into an estimated $800 million in tax losses on the investment in the video game publisher. Meanwhile, it looks like things are going from bad to worse for Redstone as The Wall Street Journal reported Tuesday that his holding company, National Amusement Inc., will likely not reach a settlement to restructure its $800 million in debt before the end of the year when it's due. Overall, National Amusement owes $1.6 billion.
Continue reading below
