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Viacom Suing Harmonix For Millions

Money, Money, Money.

Harmonix’s former parent company, Viacom, is suing to the tune of $131 million.

Viacom filed a lawsuit on Friday, believing it overpaid shareholders of Harmonix. The initial payment was $150 million, made in 2007, and based on performance calculations that Viacom believe were calculated incorrectly. Viacom states that the actual payment to shareholders should not have exceeded $18 million.

However, Harmonix’s shareholders claim that Viacom underpaid and had edited budgets. The shareholders filed their own lawsuit last year to get the sum which they believed were owned.

Viacom sold Harmonix earlier in the year for the tiny sum of $50.

Source: Gamasutra

 

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9 Comments
  1. david24
    Member
    Since: Feb 2011

    you would of thought that someone might have noticed that they where paying 750% more then they should!?

    Comment posted on 21/09/2011 at 19:02.
    • nemesisND1derboy
      Member
      Since: Apr 2010

      Exactly my thought.

      Comment posted on 21/09/2011 at 19:03.
  2. nemesisND1derboy
    Member
    Since: Apr 2010

    In all fairness, if you are bad enough at maths that you managed to turn $18 million into $150 million, you don’t deserve the $131 million you are suing for.

    Comment posted on 21/09/2011 at 19:02.
  3. The Lone Steven
    Never heard of him.
    Since: May 2010

    How did they overpay that? Surely someone in their finical department would have brought it to their attention. That is like somone giving you their entire packet of sweets and then realising several years later that they gave too much.

    Comment posted on 21/09/2011 at 20:42.
  4. Crocadillian
    Member
    Since: Feb 2011

    I didn’t honestly know Viacom still existed, but i guess they’re unassuming enough. No-one misplaces $131m for that length of time, who the hell does their financing?

    Comment posted on 21/09/2011 at 23:53.
  5. Scotty34
    Member
    Since: Apr 2011

    Yes some sort of high end business scam opened up

    Comment posted on 22/09/2011 at 00:10.
  6. cc_star
    Team TSA: Writer
    Since: Forever

    $50? Wish I’d have known, i could have bought them & maybe got a quick 100 or so on eBay

    Comment posted on 22/09/2011 at 08:40.
    • cc_star
      Team TSA: Writer
      Since: Forever

      It probably suited Viacom to pay that much at the time, reinvesting it rather than cash on the balance sheet would have changed the tax liability on it, and now they’re crying because it didn’t pan out as they planned?

      Comment posted on 22/09/2011 at 08:50.
  7. Rad4Life
    Member
    Since: Dec 2009

    That sounds like it is Viacom’s fault if it is even true. Harmonix is a fantastic studio with a stellar track record. Rock Band really got the virtual music wars in gear. Viacom thought this trend would never end and sank a ton of money into Harmonix. Then Guitar Hero over-saturated the market and effectively killed the music genre, much to my disgust.
    I hope Harmonix gets past this. I still have my RB2 set with an extra guitar along with a copy of RB3. I love those games and hope they will make a return. I eagerly await the return/revival of Rock Band. I have such great memories of playing Rock Band with my friends, along with the original Halo and Goldeneye. Sorry for being long winded but this pissed me off. Viacom is pissed that they got into the music game market too late. CASE CLOSED!

    Comment posted on 24/09/2011 at 00:14.

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