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Viacom blames Rock Band lawsuit for finances |
Listed in: News Tags: Guitar hero, Harmonix, music games, rock band, Viacom
It seems that when you start spending money to start a money fight with someone that you're gonna probably have a bad time. Viacom posted the first financial results of their fiscal year and blames the current drop due to Rock Band. No one else really, just Rock Band. The series started by the guys at Harmonix and a few dudes at MTV and then eventually crashed into the ground due to poor hardware sales for the third title...yes, that Rock Band.
Yes, Viacom has blamed the legal battle started by Harmonix to sue Viacom for scheming it's way out of paying performance-based bonuses for the company. To put it simply, Viacom filed their own lawsuit against Harmonix shareholders claiming they owed a 'refund' for earn-out bonuses paid to shareholders saying they "were not entitled" to them. The latest claim for the under-review case said that from a jointly-appointed accountant to Viacom their former shareholders were in excess of $383 million. To put it simply, they have money and they said they don't deserve it and now they're fighting for if they do.
For the fiscal quarter that ended last year Viacom posted a profit of $212 million, which was down 65% from their $610 million from last year. The company blamed the figure on the aforementioned lawsuit and said that they would have had more if it wasn't for the money set aside in reserve for the legal battle. As apart of the result Viacom said they do not believe they are entitled to reduce the earn-out payment to former Harmonix employees.
I think Harmonix worked incredibly hard on both the Guitar Hero and Rock Band series and in the end they were shafted with both. The game series eventually become the laughing stock of the industry and now is reserved for drunken game nights when you think it'd be a good idea to sing Highway Star at the top of your lungs, ruining the song and the score all in one swift movement. Rock Band: The Beatles, was in my opinion the highest point in the music genre and it may never come back to those glory days, especially not with Black Eyed Peas Experience in existence.
Via [Gamasutra]
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