Take-Two sells off Joytech
Mad Catz buys up the peripherals maker, promises no redundancies for US or UK staff.
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Take-Two Interactive has announced that it has sold off Joytech, its video games accessory subsidiary, to Mad Catz Interactive. The Grand Theft Auto publisher, which owns Rockstar, 2K, 2K Sports, and Global Star Software, has previously stated that it wants to divest itself of all non-core businesses.
Ben Feder, Take-Two's chief executive officer, said in a statement, "We are particularly pleased that we accomplished this goal in a manner that will allow substantially all of our Joytech employees in the US and UK to join Mad Catz, which is a highly respected provider of video game peripherals."
Take-Two's shares were recently boosted by sales of well-received PC and Xbox 360 shooter BioShock, but the company is still forecasting a loss for its fourth fiscal quarter. According to the company, the Joytech sale is "not expected to be material to Take-Two's financial results."