Viacom to sell Harmonix

Nov 12, 2010
Viacom Inc. said Thursday that it plans to sell Harmonix, developer of the "Rock Band" videogame, and is in talks with several potential buyers.

Viacom Inc. said Thursday that it plans to sell Harmonix, developer of the "Rock Band" videogame, and is in talks with several potential buyers.

Speaking to financial analysts after releasing the US entertainment giant's quarterly results, president and chief executive Philippe Dauman said the decision to sell Harmonix "is about focus."

"Our decision to exit this business reflects our strategy of focusing entirely on what we do best -- make great branded entertainment content and deliver it through a variety of platforms," Dauman said.

"The console games business requires an expertise and scale that we don't have so we have taken steps to sell Harmonix," he said.

Dauman said that Viacom, whose properties include BET Networks, MTV Networks and Paramount Pictures, was "in discussions with several potential buyers" for Harmonix.

The US giant's net profit fell 59 percent in the quarter which ended on September 30 to 189 million dollars while revenue climbed five percent to 3.33 billion dollars.

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