MUMBAI:MTV Networks, a unit of Viacom Inc., has announced, that on 27 October 2006, it closed its $175 million acquisition of Harmonix Music Systems.

Harmonix Music Systems is the developer of the PlayStation 2 hit Guitar Hero and other music gaming titles. The Company has announced that it had reached a definitive agreement to acquire Harmonix on 22 September 2006.

In addition, Harmonix shareholders may be eligible for incremental earn-out payments through 2008, to the extent that financial results exceed specific targets, asserts an official release.

Harmonix is a videogame development company based in Cambridge, MA. The company specializes in music-based games and design innovation.

Harmonix will join MTV Networks' Music and LOGO Enterprises unit, led by executive vice president Jeff Yapp, as stated in the release.