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MTV acquires Harmonix for USD $175 million

Fri 22 Sep 2006 5:17pm GMT / 1:17pm EDT / 10:17am PDT

MTV Networks has strengthened it position in the gaming market by acquiring Guitar Hero developer Harmonix for USD $175 million (137 million euro).

MTV Networks has strengthened it position in the gaming market by acquiring Guitar Hero developer Harmonix for USD $175 million (137 million euro).

"The acquisition of Harmonix will deepen MTV's connection to its audience via online, mobile and console music gaming, and expand the relationship with both labels and artists through the creation of games based on classic songs as well as future album releases," said Christina Norman, president of MTV.

MTV Games' previously worked with Harmonix's Guitar Hero franchise across original programming, creative promotions and competitions for a number of MTV's multi-platform properties.

"The acquisition of Harmonix advances MTV Networks' strategy of connecting with target audiences by creating immersive, multi-platform environments that extend to every device they use," said Judy McGrath, chairman and CEO, MTV Networks.

"Harmonix is an innovator in giving audiences new and dynamic ways to interact with music, and I couldn't be more excited to welcome the company into MTV Networks' strong portfolio of multi-platform brands," she added.

"We are very excited to combine our unique assets in the music and gaming space with one of the most recognised brands in the music world," said Alex Rigopulos, Harmonix's CEO.

"We look forward to continuing to create innovative ways for people to enjoy music."

MTV has recently acquired other companies in the gaming sector, including Xfire and GameTrailers.com.

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