Viacom Sings to Earn its Keep, “Rock Band” On Sale
Compared to the last year’s statistics when Viacom reported 2.5 times more net income than this year’s third quarter, the entertainment giant went beyond the specialists’ expectations with its latest earnings call. The profits for the third quarter of 2010 raised up to $189 million. And overall, the revenues grew at 5% in comparison to last year’s figures.
In terms of improving the financial activity of the company, Viacom plans to adopt a more dynamic strategy. To be noted, the company intends to sell the video game band Rock Band, which returned only losses in the late four years. In fact, Viacom will sell Harmonix Music Systems, the video game developer which developed Rock Band.
Rock Band – the video game which enabled users to simulate the experience of being a musician, was not a lucky card for Viacom, which chose to invest in video gaming because of the tide of that moment. The profits that MTV Network and Paramount Pictures report don’t have the strength to cover the loses that Rock Band brought since its release.
Apart from the “discontinued operation” which comprises the Rock Band’s selling news possibly to Activison or Electronic Arts Inc., Viacom is present in the news headlines with its controversial battle over YouTube. The process is still ongoing and moreover, Viacom invested more resources in the court battle, hiring Theodore Olson, one of the most esteemed appellate lawyers in town, to help the struggle against Google’s video database and distribution.
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