Redstone's entire stake in Midway Games which he owned through his holding company, National Amusements, was sold to Mark Thomas, an individual investor. The discount price? Not $30 million, not $10 million, not $1 million, not even half a million. Thomas purchased Midway Games for a mere $100,000. Now that's a yard sale find. Of course, to be fair, he did also agree to assume $70 million in senior secured and unsecured debt along with the company. On Monday, Midway also announced that it had been notified by the NYSE that it no longer meets the criteria for listing on the exchange. Normally, the NYSE notice means that the company has a grace period to try to reestablish its financial standing to qualifying levels, so Midway will remain on the NYSE for some time at least.

Media giant Sumner Redstone is reportedly trying to work out a deal with the banks to keep National Amusements afloat. The company has accumulated as much as $1.6 billion in debt with Reuters reporting that fully half of that figure must be paid by the end of the year. Although the $100,000 he received for Midway doesn't sound like much compared to that debt figure, National Amusements will be able to take an $800 million tax deduction based on its original purchase price and investments made in the company over the years. That will certainly help.

Once a leading video game developer, Midway has failed find any top sellers in recent years. In its heyday, Midway was responsible for such all time classics as Mortal Combat, Galaga, Tron, Joust, Gauntlet, NBA Jam, and NFL Blitz among many other recognizable titles. Midway games were an arcade staple in the eighties.

Despite the $1.6 billion in debt, we expect that poor old Sumner Redstone will end up OK since he has a few other items that he can add to his yard sale; items like the slot machine company WMS Industries (NYSE: WMS) which has a current market capitalization of over $1.1 billion. He also owns a controlling stake in those little media companies, CBS (NYSE: CBS) and Viacom (NYSE: VIA-B).