Variety is reporting that Trion World Network, an online videogame company, raised $70 million in their third round of funding. Sources of funding include Time Warner and NBCU, Act II Capital, and DCM, and Trinity Ventures. On the other end of the spectrum, Midway continues to lose money since it was picked up by Sumner Redstone in 2004. Midway Games is borrowing $40 million from their Redstone’s own National Amusements to fun their slate through the end of the year. New games in this slate include “Mortal Combat vs. DC Universe”, “TNA Impact”, and “Blitz: The League 2″.
It’s the second loan this year to Midway from National Amusements, an exhibition chain that also serves as an investment vehicle for the Redstone clan. In March, it gave Midway a $90 million credit facility. Sumner Redstone owns approximately 90% of Midway’s stock.
In December, Shari Redstone took over as chairman. She fired former CEO David Zucker in March. The company is still looking for his replacement. Meanwhile, its stock value has continued to fall. On Monday, it closed down 11% at $2.48, giving Midway a total value of just $232 million.
Trion is currently building a massive fantasy online role-playing game to compete with “World of Warcraft”‘s popularity.
