Take-Two up for sale?
Take-Two, publisher of infamously violent games such as Grand Theft Auto 3 and Manhunt, has seen better days. Gamasutra reports that a group of Take-Two shareholders -- who own a combined 46% of the company -- wish to remove the current CEO, Paul Eibeler, and shake up the company's board of directors. Take-Two has postponed it's annual meeting from March 23rd to March 29th in order to review the shareholders' requests and come up with alternative solutions. Currently, the main "alternative" is an outright "sale of the Company."
Take-Two recently posted a loss for 2006 and its future has been questioned for some time. Michael Pachter of Wedbush Morgan Securities recently downgraded the company's stock and suggested that Take-Two could eventually be bought and sold in pieces, including its 2K Sports line. With the recent shareholder activity, that prediction could be coming true.
Whether or not this could affect the development of GTAIV remains to be seen, though we're curious to see if Take-Two will now shy away from controversial titles, as its financial troubles began with the eruption of the Hot Coffee scandal.
Take-Two stocks have already gone up as a result of the rumored sale.
