Take-Two Interactive

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"Take Two" redirects here. For other uses, see Take Two (disambiguation).
Take-Two Interactive Software Inc.
Type Public (NASDAQ: TTWO)
Founded 1993
Headquarters New York, New York, USA
Key people Ben Feder (CEO, President)
Industry Computer and video game
Products Grand Theft Auto series, etc.
Revenue Image:green up.png 539.8 million USD (Q1 2008)
Employees 2,002 (2007)
Website www.take2games.com

Take-Two Interactive Software, Inc. (NASDAQ: TTWO) is an American publisher, developer, and distributor of video and computer games and video game peripherals. The company's headquarters are in New York City, United States, with international headquarters in Geneva, Switzerland. Development studio locations include San Diego, Vancouver, Toronto and Austin, Texas.

Take Two has developed and published many notable games, including the Grand Theft Auto series, the Midnight Club racing series, controversial games Manhunt and Manhunt 2 and most recently BioShock. It is also noted for its 2kX series of sports games. It also acted as the publisher of Bethesda Softwork's 2006 game, The Elder Scrolls: Oblivion.

Take Two is the target of a hostile takeover bid from rival Electronic Arts issued in February 2008. The bid expired is set to expire on June 16, 2008. [1]

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[edit] Company history

In February of 1999, Take-Two published the game Biosys under the company Jumpstart Interactive, a point-and-click adventure which follows the protagonist Professor Alan Russell and is set inside the fictional ecological facility Biosphere Four.

In 2004 Take-Two formed two new publishing companies called 2K Games and 2K Sports to manage a group of newly acquired development studios as well as publishing deals with a variety of other well known studios. Take-Two acquired the rights to the ESPN 2K sports games (When EA announced the ESPN deal, they dropped "ESPN" from their games), created by Visual Concepts (football and basketball) and Kush Games (baseball and hockey), from Sega as part of the creation of 2K Sports. In the same year, Take-Two bought the rights to the Civilization game from Infogrames for $22.3 million.[2][3]

In 2005, Take-Two embarked on acquisition spree and spent more than $80 million buying game developers.[4] It bought for $32 million the development studios Visual Concepts and Kush Games, for $11.4 million Gaia Capital Group and for around $11.8 million the studio Irrational Games, which develops Freedom Force vs. The Third Reich. Then late that year in November, Take-Two acquired Firaxis for $27 million including possible performance bonuses. [5]

In March 2007 Take-Two filed a lawsuit against Jack Thompson, to prevent him from filing a public nuisance complaint in Florida court like he did with Bully.

At the annual meeting on March 29, 2007, Take-Two investors ousted five of six board members, including the chief executive, Paul Eibeler, who was replaced by Ben Feder[1]

Ryan Brant, former chief executive of Take-Two Interactive Software, pleaded guilty in February 2007 to falsifying business records. He faced up to four years in prison but received a lighter sentence in a plea agreement after agreeing to cooperate with prosecutors because he took it.[2]

In 2005, the U.S. Securities and Exchange Commission alleged in a lawsuit that Brant, with the company's former chief financial officers, Larry Muller and James David Jr., and its head of sales, Robert Blau, inflated revenue in fiscal years 2000 and 2001.

In June the UFC filed a lawsuit against the company over the video game they created for the organization.[3]

On May 22, 2007 Oasys Mobile signed a deal to bring several of the Sid Meier licenses to the mobile market. The original Sid Meier games are developed by Take Two's company 2K Games. Oasys will be bringing these games to the mobile market some time in 2008.[6]

Rival game company Electronic Arts recently revealed they had made a $25 p/share all cash transaction offer to the board of Take Two in mid February 2008, subsequently revising it to $26 p/share after being rejected and making the offer known to the public.[7] Rumors of a buyout had been floating around the internet several weeks prior.[8] Stocks went up by 54% on Monday, following the Sunday announcement, closing over the $26 offer price, whilst EA's own stock prices went down by 5%, the largest loss in over a year.[9]

[edit] EA's attempted takeover

In mid February 2008, EA proposed an acquisition of Take-Two Interactive for about $2 billion. According to Game Informer's April issue, EA CEO John Riccitiello said that EA considered a deal for Take-Two last spring but axed it at the last minute. Take-Two's board of directors declined the cash deal. But EA is still pursued at acquiring Take-Two by stating in its letter, "If you are unwilling to proceed on that basis, however, we may pursue other means, including the public disclosure of this letter, to bring our offer and the compelling value it represents to the attentions of Take-Two's shareholders." Later, Take-Two released a statement explaining why the company has rejected the offer, "In addition to undervaluing key elements of our business, EA's proposal fails to recognize the value we are building through our ongoing turnaround efforts, which will further revitalize Take-Two." Take-Two has offered to discuss the offer, after Grand Theft Auto IV comes out on April 29, 2008. If EA does acquire Take-Two, it will end the company's main competition in the sports genre of videogames. Both EA and Riccitiello believe that they can take Take-Two's games and sell more of them.[10] The bid expired May 15th, 2008, however EA extended the offer until June 16th, 2008, at the same price of $25.74 per share. Take Two's position has not changed. They continue to see this as a "highly conditional offer" that undervalues the companies properties, rescources, and initiatives.

[edit] Notable franchises

Take-Two's subsidiary Rockstar Games created the Grand Theft Auto series, which includes Grand Theft Auto, Grand Theft Auto 2, Grand Theft Auto III, Grand Theft Auto: Vice City, Grand Theft Auto: San Andreas, Grand Theft Auto: Liberty City Stories, Grand Theft Auto: Vice City Stories, and Grand Theft Auto IV. There are also lesser-known expansions to the original GTA on PlayStation and PC, Grand Theft Auto: London, 1969 and the PC only Grand Theft Auto: London, 1961.

As well as GTA, Rockstar developed several other action games, including Manhunt and State of Emergency. In other genres, Rockstar creations include Midnight Club and its sequels, the Western-themed Red Dead Revolver (originally developed by Capcom), and Bully.

Take-Two's other subsidiaries include Global Star Software, Gathering (formerly Gathering of Developers aka GoD Games), 2K Games, 2K Sports, Gotham Games, TalonSoft, Jack of All Games (its distribution arm), Frog City Software (developer of the famous Imperialism game), 2K Boston/2k Australia (creators of BioShock) Gathering will be publishing the oft-delayed Duke Nukem Forever, though it is currently considered vaporware by many in the gaming community. Notable titles from Global Star include the Conflict series (the most recent game in which is Conflict: Global Storm); Sega's ESPN sports titles, for which 2K Sports was the publisher; and the Outlaw sports series, which includes Outlaw Golf and Outlaw Volleyball.

Take Two's 2k Games Studios have also produced notable games including the College Hoops 2kX series of basketball games and most recently BioShock.

[edit] Company structure

[edit] References

  1. ^ Slocum, Zoe (May 17, 2008 9:07 AM PDT). EA's acquisition bid for Take-Two expires (English) 1. CNET. Retrieved on 2008-05-19.
  2. ^ Civilization sold off to mystery buyer - PC News at GameSpot
  3. ^ Take-Two takes over Civilization - PC News at GameSpot
  4. ^ Take-Two reveals acquisition prices, hints at future lawsuits - PlayStation 2 News at GameSpot
  5. ^ http://www.gamesindustry.biz/content_page.php?aid=14422
  6. ^ Markets — Financial Market Summaries at SFGate
  7. ^ Top: EA Makes Offer to Buy Take 2
  8. ^ Take-two Interactive: Analyst "Convinced" That Take-Two Will Be Swallowed
  9. ^ Electronic Arts plays risky game in bid for Take-Two
  10. ^ EA Makes Play For Take-Two Interactive

[edit] External links