Shari Redstone has apparently ended her feud with mogul/dad Sumner over his investment in struggling vidgame publisher Midway by taking over the company.
In a little-noticed announcement over the holidays, Midway’s board of directors elected Shari Redstone to be its chairman.
She replaces Kenneth Cron, the former Vivendi Games CEO whom Sumner tapped in 2004 when he took control of Midway. Since then, the publisher has consistently lost money and its stock declined 71%. Neither of its two major fall releases — “Stranglehold” and “Blacksite: Area 51” — sold well. It remains best known for the once-hot but now-aging “Mortal Kombat” franchise.
Sumner Redstone controls about 90% of Midway’s shares, so his daughter’s ascension is a clear vote of confidence by the mogul.
Last summer, numerous reports said Shari was mad at her father for using his investment vehicle National Amusements to pour tens of millions into Midway and prop up its stock price.
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Apparently, she has since been persuaded that Midway is a game worth playing, though it’s not clear if she thinks the company can once again nail a high score or if she’s going to help her father shop it to potential buyers amid ongoing industry consolidation.