Take-Two Increases Online Presence

Buys DVDWave.com, seller and renter of DVD movies over the Internet.

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Take-Two Interactive has completed its acquisition of Falcon Ventures Corporation, aka DVDWave.com. Berkeley, California-based DVDWave.com sells and rents DVD movies over the Internet. Take-Two acquired the company for 50,000 shares of Take-Two common stock.

Take-Two calls the acquisition the first step in its "planned expansion of the Internet-dependant processes by which its Jack of All Games global value added distribution subsidiary will sell product to its retailer customers and end users in the future." In other words, Take-Two really wants to sell stuff online.

Samuel Osborn, Jeff Tyler and David Wallerich, who founded DVDWave.com just last year, will remain with the company. Take-Two says it intends to base its Internet operations and the operations of DVDWave.com in San Francisco, in a newly formed Internet Sales Group division.

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