Viacom, parent company of MTV and Paramount, has announced plans to sell Rock Band developer Harmonix, reclassifying the studio as a discontinued operation.

Only four years ago Viacom purchased Harmonix for $175 million after rising to fame as the creator of the Guitar Hero franchise.

The decision to sell the studio comes after Viacom announced a third-quarter dip in earnings

Harmonix's Rock Band 3 slumped out of the UK Video Game chart on its second week of release after making its debut at No.26.

The studio's latest title, Dance Central, was released yesterday as part of the Kinect for Xbox 360 launch line-up. It's not clear what will happen to the Rock Band and Dance Central IPs.

According to Viacom, Harmonix made a loss of $65 million in the recent financial quarter, with the company stating the studio will be worth more to third parties than it is to them.

The sale is expected to be completed quickly, meaning the future of the studio and its associated franchises should become clear soon.