Viacom Realizes Major Tax Benefit from Harmonix Sale

April 29, 2011 -

Viacom has managed to generate a tax benefit of approximately $115 million dollars with the sale of Rock Band creator Harmonix Music Systems, according to a filing with the Securities and Exchange Commission. When Viacom sold the developer for $49.99 late last year, it was assumed by most in the media that it had done so in order to reap a major tax benefit for closing a sale by the end of 2010.

Of the $115 million, the company expects $45 million to be realized as a cash refund on previously paid taxes, with the remaining $70 million available to offset future taxes.

Speaking of its litigation with Harmonix, the company said it would "vigorously defend" itself and that it believes that the plaintiffs' position "is without merit."

Viacom acquired Harmonix in 2006 for $175 million.

Source: Gamasutra

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Re: Viacom Realizes Major Tax Benefit from Harmonix Sale

Submitted by linkreincarnate on Mon, 05/02/2011 - 01:12.

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