Viacom, owner of MTV, Nickelodeon and Comedy Central, must allow $12 million to be paid to former investors in Harmonix Music Systems, maker of the video game “Rock Band,” as part of a buyout, a judge ruled.
Executives should allow the funds, set aside during the media company’s $175 million acquisition of Harmonix, to be turned over to a rep for ex-Harmonix shareholders, Delaware Chancery Court Judge Leo Strine saiid yesterday.
Viacom bought Harmonix in 2006 to acquire rights to the Rock Band game, which features a guitar simulator and came on the market a year after the acquisition.
The media giant sought access to the $12 million to indemnify the media conglomerate for the costs of defending patent- infringement lawsuits over the game.
Shares edged down 3 cents to $54.73 yesterday, and are up only 2.6 percent year to date.