Take-Two for sale?

Grand Theft Auto publisher announces it is considering putting itself up for sale in light of shareholder revolt.

Last week, the gaming industry was shocked by a Take-Two shareholders' group, which owns 46 percent of the company's stock, announcing that it wished to replace current CEO Paul Eibler with former BMG president Strauss Zelnick. It also stated its intentions to replace the current board of directors with candidates of its own choosing and reduce the number of members of the board from nine to six.

The rebellion came, reports Bloomberg, after five quarters of losses. The company has also faced a spate of bad news and scandals over the last two years, including the Hot Coffee mod furore, a stock-options scandal, and criminal charges being levelled at the former CEO and founder.

Take-Two has responded to the event by announcing that it will be postponing its annual meeting, originally scheduled for March 23, until March 29. This is in order for the company to, "review the proposed actions of the shareholder group and also to evaluate alternative courses of actions that could potentially be presented to the shareholders, including a possible sale of the Company."

Shares in Take-Two jumped up 6.8 percent to $22.26 at the start of trading on the Nasdaq today. The shares have risen a total of 18 percent since the original announcement from the shareholders' group.

233 Comments

  • GTAPsychoFan

    Posted Mar 20, 2007 12:05 pm PT

    whaley87 Wrote:

    Good God. I'll be fine as long as Sony doesn't buy it!
    ----------
    sony wont buy it hopefuly!!! i hope MS buy it, because i already bought my 360 for GTA IV

  • greendestiny7

    Posted Mar 20, 2007 8:42 am PT

    "cuitexcutei" Seriously, two words: "Microsoft sucks"

    What the hell does that have to do with this. Keep your crap to yourself!

  • Engerys

    Posted Mar 20, 2007 8:34 am PT

    The Government is controlled by old retards that don't know their butts for a hole in the ground so they try to "protect" no-one but anger all with those sad excuses of laws that prohibit the sale and marketing of games that are clearly meant for adults but kids somehow get them and now we all have to suffer i say we string them all up on a pole and burn them and install a new more generation trend conscious congress and president so we can have peace and true unrestricted freedom.

    Take Two is in a dire situation that will require alot of innovation and cunning to recoverfrom i think they should tough it out untill GTA-IV is released if it is anything like GTA-SA they should recover nicely and to the level where they can be taken seriously again.
    Just a thought.

  • eanbowman

    Posted Mar 20, 2007 6:40 am PT

    Are Take Two really just cutting their losses? That's sad...

    I really, really would like to think they're trying to manipulate their fan base into a revolt against extremist anti-gamer organizations. I really, really would like to believe that each of us would do everything in our power to see to it that Joeseph Leibermann and his cronies don't get what they want.

    I don't know if that will happen, however. I believe all of the fight is gone from Take-Two's company. Their bottom line is being affected too much and now they have to cut and run. What did they do? They tried to defend their first amendment rights. Sure they produced a product that may be considered vile by some. Those people should simply take responsibility - not take action against others who are doing no wrong.

    It makes me sick...

    [ My Blog Response ]

  • Benshki

    Posted Mar 20, 2007 5:38 am PT

    "lukey9493 all yous dissen the ps3 are retarted. if it wasnt for the ps3 there would be no xbox. playstation made gaming as we no it. and even microsoft wouldn't make gta a xbox exclusive be cause there is so much more money involved on both platforms"

    Wrong.

    Playstation did make a name for itself true, but to say ti Made gaming today pure stupidity.

    To me personally, no console will ever hold anything like the Super Nintendo, i don't care for graphical power or intense processing speeds, hell i have a PC for that, and consoles will never out do a Desktop Computer so please Sony and Microsoft fanboys, get over it.

    Now coming back on topic, this is utterly sad to see, Take -Two have given us some great games over the years, not that i need to tell you that, but lets just hope this gets sorted and quickly.

  • cjcr_alexandru

    Posted Mar 20, 2007 5:03 am PT

    I am shocked...

  • SkyGSN-com

    Posted Mar 20, 2007 4:30 am PT

    I was really shocked. I hope that nothing will be with their games and I'm waiting for March 29.

  • JustQuest

    Posted Mar 20, 2007 1:18 am PT

    I cant believe this is happening, its a shame, I hope things dont change for the games.

  • CyphenX

    Posted Mar 20, 2007 1:02 am PT

    Wow.

  • cuitexcutei

    Posted Mar 20, 2007 12:28 am PT

    Seriously, two words: "Microsoft sucks"

  • hellhonter

    Posted Mar 19, 2007 10:55 pm PT

    ha ha is what i say to the ps3 and wii, i to would love if take two was bought by microsoft then GTA IV would be a 360 exclusive, and all that said the 360 was trash, that it came out to early and would fail would be proven wrong. hopefully MGS4 wont be a ps3 exclusive and make its way to the 360 and all its success.

  • George_GameGuy

    Posted Mar 19, 2007 10:39 pm PT

    I would LOVE to see Microsoft buy Take-Two Interactive, because they own Rockstar Games, and they own the intellectual property rights to Grand Theft Auto and many other legendary gaming properties!

    Oh, and by the way, now that Devil May Cry 4 will be coming to the Xbox 360, I now have absolutely no reason to even consider buying a Playstation 3!!!

    The Xbox 360 version of Devil May Cry 4 will be better, just like how all the games released on both systems are better on the Xbox 360.

  • EternalEnigma

    Posted Mar 19, 2007 9:13 pm PT

    How awesome would it be if Jack Thompson bought Take-Two?

  • sja28

    Posted Mar 19, 2007 8:29 pm PT

    DEVIL MAY CRY 4 TO XBOX360 YEAH BABY AND RE5

    In a press announcement from Japan today, Microsoft revealed that Devil May Cry 4 -- formerly only announced for PlayStation 3 -- is headed to Xbox 360 and PC as well, following games like Virtua Fighter 5 and Assassin's Creed by being announced for PS3 first, then moving towards Microsoft's machine later.
    According to Capcom's Japanese website, the PS3 and 360 versions of the game will ship simultaneously, unlike Virtua Fighter 5 which is available now on PS3 and coming soon to 360.

  • Somini

    Posted Mar 19, 2007 8:25 pm PT

    McVaFfLe: Why do you think it would be the end for Sony if MS bought the GTA franchise? Even though GTAIII was a killer app for Sony that doesn't mean that other GTA's will be. You know, Sony has a lot of other franchises that are system-sellers, so stop being a fanboy. I'm not saying this as a fanboy BTW, because I love Sony for some reasons, but I also hate them for some, but GTA isn't all that matters, even though it's an important franchise.

  • mikethemonkey

    Posted Mar 19, 2007 8:23 pm PT

    whaley87 Wrote:

    Good God. I'll be fine as long as Sony doesn't buy it!
    ________________________________________

    I don't think Sony could buy a pot to piss in right now! No worry!

  • robfield

    Posted Mar 19, 2007 8:01 pm PT

    The power of the stockholder

  • Kai_88

    Posted Mar 19, 2007 7:20 pm PT

    They should wait and see how GTA does. But that might be too long, since it's optimistic to assume it'll come out on November.

  • CT-Link

    Posted Mar 19, 2007 5:55 pm PT

    heh I hope hey decide NOT to go on sale...still you know what would be a real "head-turner"??

    If Nintendo bought Take-Two XD

  • WolfSkill5544

    Posted Mar 19, 2007 5:23 pm PT

    If MS doesn't buy Take-Two, this will be the biggest investment for EA.

  • eckertt001

    Posted Mar 19, 2007 3:04 pm PT

    And you get Jack Thompson for free! Yipee!

  • the-very-best

    Posted Mar 19, 2007 2:47 pm PT

    Ugh, why? Just stick it out till GTAIV comes out!

    I don't want EA getting their hands on T2. There'll be a new GTA every 2 months!

  • -Squirrel-

    Posted Mar 19, 2007 2:32 pm PT

    As long as EA doesn't buy it, we don't need them getting any bigger. But who wold really want to buy a game publisher thats in the red for 5 quarters, if you couldn't make Rockstar's franchises exclusive to you, anyway. Those franchises are the only reason I can think to plop down that type of money to buy and try to turn them around. And all this stuff from Jack Thompson can't make it that much more attracted to buy either.

  • whaley87

    Posted Mar 19, 2007 2:28 pm PT

    Good God. I'll be fine as long as Sony doesn't buy it.

  • McVaFfLe

    Posted Mar 19, 2007 2:27 pm PT

    Like it was said before by someone, the problem isnt that 360 fans are afraid that their "almighty" console would go downhill... Its just that we all criticise the sayings of Sony.. I still remember when Sony claimed that PS3 is the "evolution" of consoles and she praised so much about her Cell Processor that almost right away the first videos came out which were ofcourse crap.. I remember when i bought the official PS2 magazine, here in Greece, when it had an article about PS3 and its graphics.. There was a video showing the capabilities of Cell showing a girl speaking.. It was made by the company who made the Indigo Prophecy.. but it was the day after when i visited the site of Ageia (hope u all know her) and i saw the same video showing-what else?- the physics which their Physics processor can produce.. So lame in my opinion.. and i MUST say it was the official PS2 magazine which is sold in many countries in Europe... So now after all these "unlucky" things happened to Sony, if MS buys T2 and makes GTA XBOX exclusive (and why not for the PC too??) then its the end of the Japanese Dynasty.. Sony will lose the Crown as the home-entertainment King (or queen). So long and thanks for all the fish...

  • wwonka666

    Posted Mar 19, 2007 2:22 pm PT

    darknferno12 I hope they don't sell and if they do don't sell your soul to EA aka the devil
    ,,,

    Let's all boycott EA's products, OK, you with me?

  • abdito

    Posted Mar 19, 2007 2:21 pm PT

    NO NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

  • RaiKageRyu

    Posted Mar 19, 2007 2:20 pm PT

    It's not put up for sale yet... it depends if they want to meet the demands of the shareholders' group or not.

  • darknferno12

    Posted Mar 19, 2007 2:19 pm PT

    I hope they don't sell and if they do don't sell your soul to EA aka the devil

  • wwonka666

    Posted Mar 19, 2007 2:18 pm PT

    Microsoft will buy Take Two become a first party publisher and there will be no more GTA's on Sony's machines, leading to it's ultimate demise. Blu-Ray also fails because no-one uses disks any more and HD-Movies are streamed to your TV via satellite. Sony folds and we never have to deal with their crappy products again. J/K this is a joke and in no means should be taken seriously by anyone other than Sony Fanboys. And I agree if EA buys Take Two, that would be the worst thing that could ever happen. But unfortunately, they are one of only a handful of publishers that could afford Take Two, Activision being another one. But we could see someone like WBIE or some Universal Interactive end up buying Take Two to get a better hold on the VG market, which wouldn't be a bad thing either.

  • comthitnuong

    Posted Mar 19, 2007 2:16 pm PT

    I really don't think that it will happen.

  • thefjk

    Posted Mar 19, 2007 2:15 pm PT

    This is the deciding moment in game history... the company that buys T2 will either make gaming or destroy it!

  • OfficialBed

    Posted Mar 19, 2007 2:09 pm PT

    let microsoft buy you

  • rokkuman09

    Posted Mar 19, 2007 2:09 pm PT

    Wow getting sold now? I guess they really have got more damage to the company than I thought. I bet Jack Thompson is cheering now, gosh he's an idiot, then again who likes Jack Thompson anyway (I don't think his own mother likes him)? Well I can just say hope they don't get sold, I have a feeling they will really go downhill if they are sold.

  • Toys_R_us_cop

    Posted Mar 19, 2007 2:08 pm PT

    Sell yourself to MS if any COmpany plz. Not EA!!!!!!

  • interpolred

    Posted Mar 19, 2007 2:06 pm PT

    I really hope they don't get sold. I didn't expect this.

  • Victer642

    Posted Mar 19, 2007 2:00 pm PT

    Its not even about rockstar buddy, its a combination of everything. I blame the corrupt. not Rockstar.

  • vf21x

    Posted Mar 19, 2007 1:58 pm PT

    Good.
    That's what they get for dealing with a corrupt company like RockStar and their unmorale games.

  • kavadias1981

    Posted Mar 19, 2007 1:55 pm PT

    I'll buy it... how much?

  • jrmyecomp

    Posted Mar 19, 2007 1:53 pm PT

    word If they do put themselves up for sale the company who buys them like sony, Nintendo or microsoft will get a huge amount of hopeful exclusives and future ones to come.
    But if gay ol EA or sumtin buys it there just going to ruin all the franchises of take two, imagine a GTA from EA, horrible with ad everywhere

  • SpruceCaboose

    Posted Mar 19, 2007 1:50 pm PT

    @DJ-PRIME90
    The stocks rise because the company had lost money for over a year, and new ownership would most likely boost profits for the shareholders, thus making the stock more valuable.

  • timmygal3

    Posted Mar 19, 2007 1:47 pm PT

    i think GTA 4 is secured for the 360

  • Dantes_Monkey

    Posted Mar 19, 2007 1:45 pm PT

    i'll buy em for £1.50 and a button

  • subrosian

    Posted Mar 19, 2007 1:44 pm PT

    Take Two goes for sale... that would be an interesting scenario.

    If Microsoft bought them and secured GTA IV for the Xbox 360, or if Sony bought them and made GTA IV a PS3 exclusive...

    AusGuy... there's no need for elitist "academia" arguements. Profs hate Wiki because they assign work to force the froshes to learn to use the library. Plus, there's the complexity of preventing plagarism (or lying students) with an editable sources... "oh but I swear those quotes / figures / charts were in Wiki last week"

    It's still a useful source for general information. This is a casual forum not a thesis defense panel.

  • glennwinton

    Posted Mar 19, 2007 1:43 pm PT

    OH NOES!!!!!!!

  • PSdual_wielder

    Posted Mar 19, 2007 1:42 pm PT

    Perfect, just perfect. A stimulating step for EA to come in and buy one of their biggest competitors in the market and then completely dominate the industry.

  • cjnwo4life

    Posted Mar 19, 2007 1:41 pm PT

    edflam311

    Yes buying take two affects rockstar since rockstar is a division within take two, meaning they own rockstar, they (2k) owns their unprofitable 2k sports division etc.

  • DJ-PRIME90

    Posted Mar 19, 2007 1:39 pm PT

    It would really suck if the company got sold. Even worse if it was sold to a company like EA where all they want to do is rush products out. I can only imagine that would be the downfall of GTA.

    And I don't understand how this information would make the stock rise 6.8% I would think this type of news would bring it down

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