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EA Has No Plans To Buy Harmonix

sjohnson
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Posted November 30, 2010 - By Stephen Johnson

Electronic ArtsAccording to Electronic Arts head John Riccitiello, EA has no plans to purchase auction-blocked developer Harmonix. Harmonix, the company that created Rock Band, the original Guitar Hero and Dance Central, is owned by Viacom currently, but Viacom recently said it is getting out of the game biz, and is reportedly speaking to a number of companies about purchasing Harmonix.

EA is not one of those companies. “Moves that look like I’m doubling down on yesterday would make it harder still to convince investors that tomorrow is the Promised Land," Riccitiello said in an interview with Bloomberg. “I’m sure some smart investor will buy the business feeling that they can catch a falling knife, but more people have been cut trying to catch falling knives than have benefited from getting the timing exactly right," he added.

Like Flava Flav, Electronic Arts has problems of its own: The company's stock is down nearly 75 percent in the past three years. EA's remedy for its stock free-fall is deals that add "technology, capability and intellectual property."

Riccitiello said there are approximately 25 companies on its acquisition radar, and the publisher's future lies more in social gaming, with recent EA acquisition Playfish playing a big part in its strategy to increase profits.

Source: Bloomberg

Tags: Videogames
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