MTV Networks Net Harmonix News
Jon Wilcox
22/09/2006
The Guitar Hero and Amplitude developer is acquired by MTV Networks in a deal worth $175 million...
MTV Networks has today announced the acquisition of Guitar Hero developer Harmonix, in a deal worth $175 million (£92 million) in cash. The transaction is expected to close during the fourth quarter of 2006.
"The acquisition of Harmonix will deepen MTV's connection to its audience via on-line, mobile and console music gaming, and expand the relationship with both labels and artists through the creation of games based on classic songs as well as future album releases," said Christina Norman, President, MTV. "Harmonix's technology allows everyone to pursue their rock and roll fantasies, even people like me, with more musical ambition than actual talent."
"Harmonix is a wonderful addition to Viacom's tremendous collection of digital assets, and is precisely the type of transaction that will help us aggressively grow our digital business while maintaining strong fiscal discipline," said Philippe Dauman, President and CEO, Viacom Inc. "We're committed to a swift integration and look forward to helping Harmonix become even stronger with the support of the incredible marketing and creative power at MTV Networks."
"The acquisition of Harmonix advances MTV Networks' strategy of connecting with target audiences by creating immersive, multi-platform environments that extend to every device they use," said Judy McGrath, Chairman and CEO, MTV Networks. "Harmonix is an innovator in giving audiences new and dynamic ways to interact with music, and I couldn't be more excited to welcome the company into MTV Networks' strong portfolio of multi-platform brands."
"We are very excited to combine our unique assets in the music and gaming space with one of the most recognized brands in the music world. We look forward to continuing to create innovative ways for people to enjoy music," said Alex Rigopulos, Harmonix's CEO.
"Harmonix's talented team will be a powerful and important addition to MTV that brings enormous talent and expertise. All of us are excited to begin working with them to develop meaningful and creative ways to deliver music to our audience," said Jeff Yapp, Executive Vice President at MTV.
News of the acquisition comes months after Actvision bought Guitar Hero publisher Red Octane, though how today's news will complicate future instalments in the series is unclear - hopefully somebody will have told Activision about the deal beforehand.
We'll have more news shortly...