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.