take-two interactive software

Take-Two posts quarterly loss, issues warning

Video game publisher Take-Two Interactive Software posted a wider quarterly loss on Wednesday and forecast a sharp drop in sales revenue for the current quarter.

For the quarter that ended October 31, the company best known for its Grand Theft Auto franchise reported a net loss of $15 million, or 20 cents a share, compared with a net loss of $7.1 million, or 10 cents a share, a year ago. Revenue increased 11 percent to $323.4 million on the sales strength of its Midnight Club: Los Angeles, NBA 2K9, and Grand Theft Auto IV titles.

The company predicted … Read more

Take-Two earnings soar on 'Grand Theft Auto' sales

Video game maker Take-Two Interactive Software announced better-than-expected earnings on Thursday thanks to recording-setting sales of Grand Theft Auto IV.

For the second quarter ended April 30, net profit was $98.2 million, or $1.29 cents per share, compared with a net loss of $51.3 million, or 71 cents per share, in the second quarter of fiscal 2007. Sales were up more than 160 percent to $539.8 million for the period, blowing away analyst estimates of $499.1 million.

The company also raised its forecast for the remainder of the fiscal year.

Take-Two said it expects to … Read more

Electronic Arts further extends Take-Two tender offer

Electronic Arts announced Monday that it is extending its tender offer for Take-Two Interactive Software to mid-June, marking its third extension in its hostile buyout attempt of its rival game maker.

EA, which, to date, has received commitments from Take-Two investors to tender roughly 6.2 million shares, or 8 percent of the company, has extended its deadline to June 16. Previously, the deadline was set for May 16.

Taking a jab at its rival, Take-Two Chairman Strauss Zelnick issued a statement: "This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which … Read more

Take-Two sues over yanked 'GTA IV' ads

The publisher of the Grand Theft Auto video game franchise feels like it got ripped off in Chicago--and it's suing.

Take-Two Interactive Software sued the Chicago Transit Authority on Monday for allegedly pulling its ads promoting the latest version of the action-driving and crime game just days after the ads began appearing, thus violating its free-speech and contractual rights, according to a Reuters report.

The suit, which was filed in Manhattan federal court, seeks reinstatement of the ads on buses and display spaces, as well as monetary damages of at least $300,000, the reported value of the contract, … Read more

Take-Two shareholder sues over EA bid

A shareholder of Take-Two Interactive Software has sued the company for rejecting Electronic Arts' $2 billion takeover bid, The Wall Street Journal reported Monday (subscription required to read entire article).

The suit was filed Friday in a Wilmington, Del., court. According to the Journal, the suit charges that Take-Two executives sought to enrich themselves at the expense of shareholders through a compensation agreement, amended in February after EA made a private offer for the company, that could grant them a big pay-out if Take-Two is acquired.

Two law firms--Prickett, Jones & Elliott, and Schiffrin, Barroway, Topaz & Kessler--filed the suit, … Read more

Report: Take-Two approves new management payout

The New York Times reported on Wednesday that the board of directors for video game publisher Take-Two Interactive Software, facing a buyout offer from Electronic Arts, approved new compensation packages for its management firm that would take effect with a merger or acquisition.

The new measures, approved within days of EA's initial offer, concern Take-Two's agreement with management firm ZelnickMedia. Under the revised terms, in the event of a takeover, ZelnickMedia would be awarded two restricted stock grants of 780,000 shares.

At EA's $26-per-share offer, that would be worth $20 million. Additionally, Take-Two's monthly management … Read more