June 27, 2005
MTV and Midway Games to launch 3 new video games
SAN FRANCISCO (Reuters) -- MTV Networks said on Monday it struck a marketing deal with Midway Games Inc. to jointly launch three video games and sell in-game advertising for those titles.
The music television cable network and Midway will also collaborate on soundtrack development for the three games.Under the deal, Viacom Inc.'s MTV will participate in a royalty-sharing structure.
The first title to be released under the new marketing deal, "L.A. Rush," debuts in October. Other games will be released in 2006 and 2007, a Midway spokesman said.
Viacom CEO Sumner Redstone owns a majority of voting shares in both MTV and Chicago-based Midway.
Shares of Midway Games slipped 5 cents to $10.42 in midday trading. Viacom shares were off 45 cents, or 1.4 percent, at $32.19. Both stocks trade on the New York Stock Exchange.