Arbitrators have ruled that Viacom owes former shareholders in ROCK BAND game creator Harmonix another $383 million in bonuses, writes The Hollywood Reporter.
Arbitrators have ruled that Viacom owes former shareholders in ROCK BAND game creator Harmonix another $383 million in bonuses, writes The Hollywood Reporter. In 2006, Viacom bought the game firm for $175 million and the promise to pay bonuses to Harmonix shareholders connected to the sale of ROCK BAND.
In 2007, Viacom paid the shareholders $150 million in bonuses, but asked for them back a year later, claiming the sales of ROCK BAND did not meet expectations. The shareholders in turn filed a lawsuit seeking $700 million. The two parties decided to go into arbitration and now resolution accountants have ruled Viacom owes $383 million. In response, Viacom has filed suit claiming the accountants did not consider its arguments and evidence.
Though the ROCK BAND franchise sold more than 10 million units, the additional hardware needed to play the game ate into the profits significantly. Viacom sold Harmonix to investment company Columbus Nova in 2010 for $50 million.