Viacom Wants Their Money Back
A recent SEC filing suggests media-giant Viacom is looking to reacquire the money they initially loaned to Harmonix some years back. This comes on the heels of one of the worst years for music games, as sales have plunged, due in large part to market saturation and the high cost of peripherals.
Viacom believes they are “entitled to a refund”, although the final amount has “not yet been determined.”
“…in 2008, we paid $150 million, subject to adjustment, under this earn-out agreement related to 2007 performance. At December 31, 2009, we believe that we are entitled to a refund of a substantial portion of amounts previously paid, but the final amount of the earn-out has not yet been determined,”
This certainly implies Viacom was not pleased with the lukewarm sales of the studio’s latest title, The Beatles: Rock Band. And it is certainly a shame, because back when music games were in their prime, Harmonix consistently put out excellent titles.