Viacom Owes Harmonix Shareholders $383 Million

Back in September it was revealed that Viacom was suing Harmonix shareholders for $131 million due to the reason of overpayment. Now it appears that Viacom actually owes Harmonix shareholders $383 million, according to the findings of the accountant who was appointed to investigate.

According to Gamasutra Viacom has already filed a suit appealing against these findings and part of the appeal is asking BDO USA, the accounting firm, to “consider arguments and evidence that were improperly excluded” from the findings.  What that evidence is has not been made available at this time.

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This case has been almost 6 years in the making, starting when Viacom bought Harmonix for $175 million. A bonus structure was agreed where, based on gross profit, share holders would get 3.5 to 4.5 times the value of the profit, which obviously meant hundreds of millions in bonues.

Of that $150 million was paid and that’s where this dispute began, Viacom saying they paid too much, Harmonix shareholders saying the agreement had not been met.

Viacom eventually let Harmonix go for $50.

Source: Gamesindustry.biz

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5 Comments

  1. Ah, I’m sure they’re regretting their corporate greed now!
    Well, Viacom are anyway. Tried to get as much as possible and it backfired, if I read it right :D

  2. ???!
    If that turns out to be the truth, somebody’s head is about to roll in Viacom…
    What an idiot/ idiots, somebody somewhere must have known they owed the other party money before this all kicked off.

  3. Ouch. I wonder what the “evidence that were improperly excluded” is?

  4. This gave me a warm fuzzy feeling.

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