MTV said on Friday it will acquire Harmonix Music Systems, a music-orientated games creator, for $175 million in cash. The acquisition will offer MTVâ€™s website visitors a more diverse entertainment selection.
Harmonix, developer of the PlayStation 2 hit Guitar Hero and other music gaming titles sold its stock to MTV, a division of Viacom Inc. Harmonix will combine its assets in the music and game industry with MTVâ€™s brand to create new ways for website visitors to interact with music.
â€œThe acquisition of Harmonix will deepen MTV's connection to its audience via on-line, mobile and console music gaming, and expand the relationship with both labels and artists through the creation of games based on classic songs as well as future album releases,â€ said Christina Norman the President of MTV in a statement.
MTV Gamesâ€™ first partnered with Harmonix in November last year when it agreed to feature Harmonix Guitar Hero across of range of MTVâ€™s platforms. MTVâ€™s website visitors will be able to play along with, or remix, their favorite songs when Guitar Hero 2 is released later this fall.
The transaction is expected to close in the 4th quarter of 2006, and is subject to certain regulatory conditions.