Midway to Focus on 2008 and put 2007 Behind Them
Twas the year to seriously suck for Midway. The formerly lauded gaming giant’s star has been slowly falling from the sky in recent years, and 2007 was the height of its decent from its grandiose position in the video game industry. Delayed launches all around and releases for their PS3 ports barley nipping at the heels of other console releases of the same titles, has not helped matters for the flailing company. Enter Viacom stage left.
Due to shipping delays and lowered revenue forecasts, things were starting to look grim for Midway. The company has not posted an annual profit since 1999, and Midway was forced to cut third-quarter and full-year revenue forecasts in October. Stepping up to claim a 90% share in the Midway’s holdings despite the company’s horrible sales figures is Viacom Chairman Sumner Redstone, and he has put his daughter Shari Redstone at the helm.
Shari is currently the Vice Chair of Viacom and CBS and while she was openly critical of her father purchasing such a vast amount of stock in Midway through National Amusements, where she is president and owns a minority stake in the company, she has stated that she now has faith in the decision.
“In 2008, we plan to release an impressive slate of games and I will work closely with management … to continue pursuing exciting growth opportunities for Midway”, stated Shari Redstone. Her father elaborated on this statement by saying that he is “totally confident of Midway’s success and believes that this will become apparent as future events evolve.”
While I personally agree that Midway needed to get its act together or go the way of the dinosaur, it is always scary when a multinational conglomerate sinks its claws into something that brings gamers enjoyment. Viacom is Hollywood, and nothing good usually ever comes out of that weird area on the map; but in the spirit of the goodwill still coursing through our veins from Christmas, lets give them the benefit of the doubt. Maybe they will keep this long lived company afloat and finally bring us some games that not only come out on time, but are original and fun to play.
You can read the full article on the Chicago Tribune’s website.