Viacom ordered to pay $299 million to Harmonix
Delaware Supreme Court upholds previous decisions, forcing Viacom to pay $299 million to Harmonix shareholders.
A Delaware Supreme Court judge has ruled against Viacom, forcing the media conglomerate to pay $299 million in outstanding bonuses to Harmonix shareholders.
The court's decision, as reported by the Hollywood Reporter, upholds past judgments from an arbitrator in December 2011 and a Delaware circuit judge in August 2012.
Barring a reconsideration of the case or its going before the U.S. Supreme Court, Viacom will be forced to pay the $299 million.
The suit stemmed from performance-based "earn-outs," which were set to be paid to Harmonix's former owners as part of its 2006 purchase. Viacom initially purchased the developer behind Guitar Hero for $175 million in 2006, and paid out $150 million in earn-outs in 2007.
Harmonix found significant success with its peripheral-based music games, but as the market began to show signs of overcrowding, Viacom reversed course. The company did not pay out in 2008 and demanded a refund for previous payments.
An independent arbitrator decided in December 2011 that Viacom owed Harmonix's shareholders a total of $383 million in unpaid earn-outs, and Viacom proceeded to challenge the decision in its home state of Delaware's Court of Chancery. While Viacom agreed in a previous settlement to pay out $84 million (the amount set for unpaid 2007 earn-outs), the $299 million calculated for 2008 earn-outs remained.
A Harmonix representative declined to comment.
Another Crab's Treasure Is A Soulslike 3D Platformer | GameSpot Review Stellar Blade Review Nintendo 64 – April 2024 Game Updates – Nintendo Switch Online Super Monkey Ball Banana Rumble - Official Multiplayer Features Trailer PUBG | Erangel Classic Returns Gori: Cuddly Carnage | Meow Launch Date Announcement Trailer Genshin Impact - "Arlecchino: Afterglow of Calamity" | Collected Miscellany Marvel Rivals - Official Loki Character Reveal Trailer | The King of Yggsgard Fortnite Festival - Official Billie Eilish Cinematic Season 3 Trailer Remnant 2 - The Forgotten Kingdom | DLC Launch Trailer Stellar Blade - Official "The Journey: Part 2" Behind The Scenes Trailer | PS5 Games Dead by Daylight | Tome 19: Splendor | Reveal Trailer
Please enter your date of birth to view this video
By clicking 'enter', you agree to GameSpot's
Terms of Use and Privacy Policy
Got a news tip or want to contact us directly? Email news@gamespot.com
Join the conversation