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Viacom Slammed for $383 Million in Harmonix Suit |
Listed in: News Tags: Harmonix, rock band law suit, viacom law suit
Viacom and Harmonix have been in and out of courtrooms for months, trying (and failing) to work out an issue that stems from bonuses paid during the parent company’s acquisition of the small games developer and the Rock Band property. Both companies are trying to wring high, multi-million dollar settlements out of the other due to this disagreement, but it looks like Viacom is the big loser this morning.
In documents released this week, it was revealed that a private arbitrator ruled that Viacom owes Harmonix and its shareholders a whopping $383 million in unpaid bonuses - a number with which Viacom naturally disagrees.
Here’s a breakdown: In 2006, Viacom acquired Harmonix (and Rock Band). The deal required that Viacom pay big bonuses to Harmonix, with $175 million paid upfront and $150 million paid for Rock Band sales in 2007. However, the company paid no bonuses at all in 2008, and actually demanded that Harmonix return the previous two bonuses. Viacom had to give up Harmonix due to the Rock Band franchise losing money, but Harmonix filed a suit claiming that Viacom still owed $550 million in promised bonuses.
Now we’re just watching the drama unfold. Viacom plans to fight the ruling, which was issued December 19, and is claiming that some evidence was “improperly excluded” from the arbitration hearings.
This one probably has a few months to go and it’s unclear who exactly is right, but Viacom is certainly on the ropes for now. We’ll keep you posted as new details emerge.
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