MTV BUYS HARMONIX MUSIC SYSTEMS FOR $175 MILLION

Just posting this because I know Doug Glen who sits on their board of directors. I worked with Doug on one of his projects a few years, so hopefully he got some gravy from this deal :) More from TheDeal.com:

New York media giant Viacom Inc.’s MTV Networks said Friday, Sept. 22, it would acquire music-based videogame developer Harmonix Music Systems Inc. for at least $175 million in cash.

In addition to the headline figure, the terms of the deal call for Cambridge, Mass.-based Harmonix shareholders to be eligible for earn-out payments through 2008, if certain financial targets are met, a statement said.

"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,” Judy McGrath, MTV Networks chairman and chief executive, said in a statement.

The acquisition follows a November 2005 partnership through which MTV Games featured Harmonix’s PlayStation 2 game Guitar Hero in original programming, creative promotions and competitions, across several media. (full article)