Viacom Files Then Withdraws Suit Against Rival Activision
Wednesday March 12nd, 2008 / 22h53
By Ben Charny Of DOW JONES NEWSWIRES SAN FRANCISCO -(Dow Jones)- "Guitar Hero" game developer Harmonix Music Systems Inc., which is owned by media company Viacom Inc. (VIA,VIAB), this week filed and within 24 hours withdrew a $14.5 million breach-of-contract lawsuit against rival Activision Publishing Inc. (ATVI). The two sides had been in talks to settle their issues and thus avoid litigation in the days before the suit was filed in a Los Angeles County Superior Court. "By withdrawing the suit, we can continue discussions with Viacom about claims each party may have," Activision said in a statement. A Viacom spokesman had no comment when asked whether, as has been suggested, the suit was mistakenly filed, or was to serve as a tactical move to help Viacom get more leverage with negotiations. The withdrawn suit alleged Harmonix is entitled to a higher royalty rate on the sale of "Guitar Hero," one of the gaming industry's bigger recent hits. Activision shares shed 1.1% to $26.82 Wednesday, and were down fractionally after-hours. Viacom closed up 4 cents to $38.49, and was unchanged after hours. -By Ben Charny, Dow Jones Newswires; 415-765-8230; ben.charny@dowjones.com
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