Take-Two sells Jack of All Games
Take-Two announced the sale of Jack of All Games to software distribution mega-company Synnex. Jack of All Games, acquired by Take-Two in 1998, distributes games published by Take-Two (and its various brands) to retail. The sale is expected to be completed sometime in the first quarter of 2010, and will cost Synnex "$43.25 million, including $36.50 million in cash and up to an additional $6.75 million based on the achievement of certain items."
In the announcement, Take-Two CEO Ben Feder indicated that the company will continue to work with Jack of All Games after the sale. Though at first this move would seem to be aimed at bringing money in during a period of disappointing performance, the company also reduced its forecasted first-quarter revenues, since it can no longer count money being brought in by Jack of All Games.
