03/16/2009 05:12 am ET Updated May 25, 2011

Viacom's Redstone Optimistic As Profit Falls

The various legacies of Sumner M. Redstone, the 85-year-old mogul, were rippling across the media industry on Thursday.

Midway Games, the Chicago video game company in which Mr. Redstone sank hundreds of millions of dollars before selling it for a pittance late last year in the face of personal financial problems, filed for bankruptcy protection. The company, best known for producing the video game Mortal Kombat, was probably the worst investment of his career.

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