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Finance

Harmonix shareholders owed $383M in Viacom row

Wed 04 Jan 2012 8:45am GMT / 3:45am EST / 12:45am PST
LegalFinance

Joint appointed accountant reaches decision in Rock Band developer's dispute

An accountant appointed by both Harmonix shareholders and Viacom to settle their ongoing dispute has decided in favour of the shareholders, and declared that Viacom owes them more than $383 million.

According to Gamasutra, Viacom has already appealed against the findings by filing a suit requesting that the accountants, BDO USA, "consider arguments and evidence that were improperly excluded."

This is the latest milestone in an ongoing legal dispute between the Rock Band developers and the entertainment giant. In September last year Viacom, which owned Harmonix until last year, filed a suit demanding the return of $131 million worth of performance related overpayments.

The Harmonix shareholders had themselves filed a suit in December 2010, which argued that not enough had been paid in these performance related bonuses due to manipulated accounts from Viacom.

Viacom acquired Harmonix in 2006, with the promise to shareholders including founders Alex Rigopulos and Eran Egozy of performance related bonuses for 2007 and 2008.

Harmonix was later sold for $49.99 to investment firm Columbus Nova, according to reports.

3 Comments

Terence Gage Freelance writer

1,288 120 0.1
"and declared that Viacom owes them than $383 million."

Seems to be a word missing there.

Anyway, glad to see Harmonix triumphing against Viacom, who seem to have treated them like crap almost from day 1. Hopefully a good portion of that money will be re-invested into making new games.

Posted:2 years ago

#1

robert troughton UK General Manager, Epic Games

222 96 0.4
OMG...

Viacom ... owing $383million to developers ... and selling the developers for $50...?

Seems familiar... because similar happened with Midway 3 years ago... how is Sumner Redstone not in jail yet?

Posted:2 years ago

#2

Bryce Hunter Producer, DHX Media Ltd.

10 2 0.2
"Harmonix was later sold for $49.99 to investment firm Columbus Nova..."

I'd buy that for a dollar!

Posted:2 years ago

#3

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