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Viacom vs. Harmonix Update

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In an update to a previous report, a ruling has been reached in the lawsuit pitting Viacom against Harmonix. Viacom has been ordered to pay $383 million more to Harmonix to close out the suit. The discrepancy in payments stems from the original contract details when Viacom bought Harmonix in 2006. The deal had a clause that said Viacom would pay to Harmonix 3.5 times gross profit from their products in 2008, however no amount was paid in 2008.

Viacom eventually sold Harmonix in 2010 since it was losing money and decided to dump the company from their portfolio.  Original Harmonix shareholders started this litigation when they claimed that they were entitled to the original amount paid in the acquisition, plus an additional $550 million from royalties. Both parties agreed to have an resolution accountant come in and assess the monetary issue at hand – which has led to this latest decision.

Viacom is not going to settle with this verdict however. They have filed a suit in Delaware to disregard the resolution accountant’s findings because some arguments and evidence was “improperly excluded.” As always, we will continue to follow this story and keep you up to date.

“[Via Los Angeles Times]“

Lucas has evolved in his video game preferences. With a foundation in predominantly sports game, action adventure games are now his favorite to play. He is a competitive swimmer and likes to play volleyball, basketball, and golf.