Rob Fahey
14:37 (BST)
11/07/2005
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Redstone accelerates share purchases in Midway
Viacom boss continues snapping up shares in resurgent publisher
Viacom CEO Sumner Redstone is continuing to add to his majority stakeholding in publisher Midway Games, and has actually accelerated the rate of his purchasing, according to investment publication Barron's.
Redstone has purchased over $7 million worth of shares in the company since late June, adding almost a further percentage point to his holding - which currently stands at over 82 per cent, held through his private firm, National Amusements.
The reasons for his purchases aren't clear, however; Redstone already holds enough of the company to have allowed him to replace senior members of its board with his own nominees last year, including his own daughter, Sherri Redstone.
Some commentators believe that the new purchases are simply investments, and reflect a confidence that the firm's stock will continue to rise - however, it's also possible that they could indicate that Redstone is building up his position in the company before taking it private, a move which has been widely expected for over a year now but has so far failed to materialise.
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