Take 2 Takes BMG

Now dormant BMG Interactive gets a new home under the tent of Take 2 Interactive.

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Take 2 Interactive Software announced Thursday that it has signed an agreement to acquire all assets of BMG Interactive, a now dormant video game publishing house.

Those assets include direct distribution, sales, and marketing offices in France and Germany, a product publishing and distribution group in the UK, distribution, publishing, and sequel rights to 12 upcoming PC and video game titles, and back catalog publishing and distribution rights.

As part of the deal, Take 2 now gains worldwide publishing and distribution to Grand Theft Auto (which will be released through ASC Games in the US in May); rights to Space Station: Silicon Valley for the N64 (October); European distribution rights to such titles as Berkeley Systems' After Dark screen savers and You Don't Know Jack and Crystal Dynamics' Gex and Pandemonium series and ASC's One; worldwide publishing and distribution rights to a series of World Cup soccer games on the PlayStation; worldwide publishing, distribution, and sequel rights to an RPG called Monkey Hero for the PlayStation and PC; and worldwide publishing, distribution, and sequel rights to Special Ops, a military combat sim for the PlayStation and PC.

The terms of the agreement are that Take 2 will issue BMG 1.85 million shares of Series A preferred stock, convertible for one-for-one into common stock shares in Take 2. BMG will then own about 16 percent of the outstanding common stock, according to a statement released by Take 2. The closing is scheduled to take place on March 18.

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