Posted on January 4, 2012, CJ Miozzi Viacom Owes Harmonix over $383 Million
Harmonix, creators of Rock Band and Guitar Hero, has been in legal disputes with its former parent company, Viacom, over who owes who how many millions of dollars. After Viacom claimed Harmonix owed them a $131 million dollar refund due to a miscalculation, both companies agreed that a jointly-appointed accounting firm would settle the matter. The result? Viacom owes Harmonix over $383 million.
Viacom acquired Harmonix in 2006 and sold it in 2010 for $50. Tallying the initial $175 million purchase price, the $150 million earn-out payment already received, and the additional $383 million Viacom allegedly owes, Harmonix cost Viacom $708 million dollars. Less $50, of course. Apparently, Viacom takes the “buy low, sell high” adage in a different direction: “buy high, give away.”