The Delaware Court of Chancery has blocked Viacom International Inc.’s attempt to recoup $12 million placed into an escrow fund for indemnification if it suffered losses as a result of the entertainment conglomerate’s $175 million acquisition of Harmonix Music Systems, a video game developer. Viacom alleged that it was entitled to the money because it incurred $28 million in losses defending itself from four copyright infringement lawsuits over a game that was developed by Harmonix at the time of the acquisition. However, the Chancery Court ruled that the lawsuits stemmed from the finished product, which was released more than a year after the acquisition, a time when Harmonix no longer controlled the product.
Chancellor Leo E. Strine Jr. issued the 21-page opinion inWinshall v. Viacom , a December 12 opinion.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
