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2007 Take-Two Takeover
GTAGaming.com - Rockstar/Take2 News | @ 02:31 PM MDT | By Kodo
In case you haven't heard the news about the aforementioned anticipated takeover of the Take-Two board, we're here to fill you in. So, what does the future bring for Take-Two?
The investors that own about 46% of Take-Two's shares are planning to fill the board with new personnel at the board meeting on March 23, a week before the official release of the GTAIV trailer. They want to fire CEO Paul Eibeler and bring Strauss Zelnick of ZelnickMedia, former president of 20th Century Fox and BMG Entertainment, to replace him as a non-executive chairman of the new board. The motivation behind this is caused by the Hot Coffee scandal and backdated stock options involving former CEO Ryan Brant. Take-Two's stock suffered from the associated legal fees totaling more than $6 million.
In a press release today, Take-Two Interactive Software, Inc. announced financial results for its first quarter ended January 31, 2007. The results show that net revenue is up and net loss is down as well as decreased operating expenses. The company is showing gains from the release of NBAŽ 2K7 and releases of GTA: LCS for PS2 and GTA: SA for the PS2 in Japan.
The importance of this news is that those close to and inside the company expect the shareholder change to happen successfully, and we must think of what that will mean for Take-Two's future and its developers. Some shareholders believe Take-Two will go on strong with new leadership, and others think Take-Two will be sold off. The idea of the acquistion of Take-Two comes from potential bidders such as UbiSoft, Activision, Bono's Elevation Partners, and Rupert Murdoch's News Corp. One company not bidding is Microsoft, for the simple fact that acquiring a third-party publisher means a huge loss of revenue (the money from sales on all consoles would be lost due to being developed only for the Xbox 360). Whether the shareholder group sells the company or rebuilds it, we don't know yet. Investors seem to think the anticipated takeover is a good thing.
Strictly speaking, how will this takeover affect the GTA series, if at all? Do you think it will impact GTA IV, which is set to release a trailer at the end of this month? Voice your thoughts in this thread.
Sources: CNNMoney, Take-Two
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