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Viacom earnings fall, Harmonix dispute blamed

By Rachel Weber

Fri 03 Feb 2012 2:21pm GMT / 9:21am EST / 6:21am PST

Company attributes 65 per cent drop in Q1 profits to legal dispute

The latest figures from Viacom show a 65 per cent fall in net earnings compared to the previous year, a fall it at least partly attributes to its on going dispute with Harmonix.

For Q1 2012 the company showed net earnings of $212 million for the quarter ending December 31 2011. This figure showed a $398 million drop from the previous year's $610 million.

It was a drop that James W Barge, chief financial officer, blamed on the recent legal battle with Harmonix.

"I'd like to note that discontinued operations in the December quarter of this year reflects the $383 million charge related to the earn-out dispute with the former shareholders of Harmonix," he stated.

"In this regard, I would note that we have filed a lawsuit seeking to compel consideration of arguments and evidence that we believe were inappropriately excluded from the dispute resolution process."

Revenues stood at $3,952 million for the quarter, compared to $3,828 in the same period last year, and expenses of $2,185 million compared to $2,017 million in 2010.

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1 Comment

Terence Gage Freelance writer

1,289 126 0.1
Interesting excuse. Maybe if Harmonix had been paid those monies when they were entitled to them, this shitstorm wouldn't have impacted on Viacom's quarterly finances in one go.

Posted:4 years ago


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