Strauss-Zelnick
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Take-Two CEO Feder quitting to travel Asia, Zelnick to become CEO
Friday 29 October New British trainer at the gym tells me I'm 13 stone. That's better than 70-something kilos, but apparently I've put on weight. It's all my soon-to-be ex-CEO Ben Feder's fault. Food consumed today: Nothing, yet. But I'm sure the Federator is going to drag me out to McDonalds for lunch again (I do admit I love me a pair of McChicken sandwiches). The movie Super Size Me has nothing on him at the moment, he's taking in everything American he can before jetting -- you should see the pile of Jack in the Box Oreo milkshakes by his desk. Morning. Brisk autumn day in New York. Woe is me, Diary, Going to hold back the tears as I write this. My home slice, Ben Feder, is giving up his position as Chief Executive Officer of Take-Two to "travel Asia with his family for an extended period." I shoulda figured something was up, since every time we went out to a Chinese restaurant he would ask, "Do you think Chinese food is the same in China?" There is one benefit to the Federator leaving ... I'm gonna be CE-mutha-O! Tee-hee, Diary. Not gonna lie, it feels good to imagine myself as Capt. Picard: "Engage" all projects! Being Take-Two's Executive Chairman is great and all, but C-E-O! Anyway, one of my executive vee-pees, Karl Slatoff, will take on the "newly created role" of Chief Operating Officer. Oh Di, how silly is this "newly created role" business? Truth is, it hurt a little refilling the spot after my former COO Gary "Gar Bear" Dale left last year -- I left the door open for him and always set out an extra plate at dinner, just hoping he'd come back. Yeah, so, the official transition of all this will take place on New Year's Day 2011. Looking forward to having Feder show me the ropes of his job, but I don't think my body can handle doing it over lunch meetings at Mickey D's, Burger King and Wendy's every afternoon anymore. xoxo, ZelNicky
Carl Icahn now a 13.7% shareholder in Take-Two
Monday 22 March 70-something kilos. My kilo talk has gotten others thinking I'm moving the company to Canada, but I <3 my NYC. Food consumed today: No low-fat blueberry muffins today on the cart. I only like the tops anyway. Heard some pleb in the office talking about Blueberry Muffin Tops as a cereal. Tried some. I'm not opposed. Afternoon. The beautiful weekend has shifted to gloomy overcast to fit my mood. New York. Cherished Diary, What is the iCahn up to? Carl Icahn previously put three of his specially selected associates on the Take-Two board (including iCahn-mini, Brett Icahn) after he obtained 11.3 percent in company stock. Now he's bought another 710,840 shares, which I estimate to cost about $7.1 million, giving him 13.7 percent of Take-Two stock. The confusing part, Diary, is why? He has over 10 percent already and three iPods on the board, the incremental increase in stock isn't anything big -- it's just, weird, you know? Of course, you know! Diary, that's why I can always trust you! I just wish I knew if he was gearing up to push for a buyout or trying to show more faith in the company now that he has boys on the board. I wish I knew. I really, really wish I knew. xoxo, Strudel [Via IndustryGamers]
Take-Two to nominate three new board directors; it's all about the iCahn
Thursday 21 January 70-something kilos. I've given up on weighing in lbs, kilos are so much kinder. Food consumed today: Anything that makes me look suave and like I know what I'm doing. Think I'm on my fifth martini, but I lost count after the fourth. Early morning, sun looks lovely coming out of the west ... north? ... really need to cut back on the martinis. New York. Dearest Diary, can I call you Di? Good. Oh, Di, why does Carl Icahn have to be such a meddler? You know what, I'm gonna start calling him iCahn, like an obnoxious Apple product. Hehe, iCahn. So, this guy ... this iCahn, he comes in and buys up 11.3 percent of the company a couple months ago and now he wants to put three of his own iBoys on the board of directors -- actually, I'm pretty sure one of them is an iCahn-mini: Brett Icahn. I ain't mad, Di. Let iCahn have his iPods on the board, I've been doing my thing since taking over Take-Two in 2007. He's got the right to put some guys on the board and shape things, bring balance -- distract some monkeys on my back. Who knows, maybe the iCahn boys will bring healthy skepticism and deliver productive ideas to improve profitability. Plus, what's the harm? If the winds take iCahn to another project and he holds less than five percent of the company stock, the iPods agree to leave immediately. Just another day in the biz. I kinda miss fighting with EA, this is so mundane in comparison. [Thanks to Michael Pachter and Jesse Divnich for context]
Mafia 2 coming before July 31, 2010
During the always thrilling Take-Two Interactive quarterly investors call this afternoon, the ever-elusive Mafia 2 received an almost, kinda sorta release date: Q3 2010. When applying Take-Two's Q3 dates to the Gregorian calendar that most folks on this planet use, we can infer that the game will arrive somewhere between May 1 and July 31. This isn't to say that the title is a shoe-in for release, though, with company CEO Strauss Zelnick saying the game is "scheduled to fall in our third quarter." Remember when Max Payne 3 was scheduled for release in Winter of 2009? Exactly. %Gallery-6189%
Zelnick: OnLive 'beneficial' to gaming industry, doesn't fit with Take-Two's business model
Though most gaming enthusiasts received the announcement of the streaming game service known as OnLive with raw, unmitigated zeal, Take-Two chairman Strauss Zelnick isn't convinced of the platform's revolutionary properties. According to GamesIndustry, Zelnick explained during the UBS Global Media and Communications Conference in New York City, that, if successful, OnLive would "meaningfully and beneficially transform the economics of our business." However, he later added that the digital distribution-centric system "doesn't really speak to our business model." Zelnick noted the benefits in not having to worry about costs associated with production and distribution, but explained that "the bulk of our business is packaged goods because initial releases are for the console business." He later claimed that OnLive's bold distribution model "probably won't be a sea change in our business." Shortly after that, he did 1,000 sit-ups, and then arm wrestled everyone in the audience simultaneously. Needless to say, he won.
Take-Two's Zelnick doesn't believe in annualized GTA
If we took away one important lesson from Take-Two chairman Strauss Zelnick yesterday, during the company's investor call, it's this: it takes a lot of time to make "triple-A" games. That's why Zelnick isn't interested in annualizing the Grand Theft Auto franchise. "We don't feel that GTA oughta be an annualized franchise," he said, adding that he was "pleased" the series has been "testing new formats and new platforms" this year with two DLC expansions on Xbox Live and GTA: Chinatown Wars for DS and PSP. Instead of pushing out a new GTA game every year, Zelnick explained that Take-Two is focused on the "balance between how long it takes to develop such an incredible title that meets consumer expectations and how long you need to make sure than an appetite has been both satisfied and whetted [for the next game]." He padded his point with phrases like "high profitability" and "resiliency of the franchise," though when taken to task over how the publisher expects to make money in a "non-GTA release year" -- and in light of projected, continued losses from its baseball franchise -- he responded, "We remain committed to that goal [of profitability] ... naturally, we are disappointed that we're not projecting to achieve that goal in 2010." Meanwhile, somewhere in California, Bobby Kotick laughed maniacally.
Ousted Take-Two CEO Eibeler joins SouthPeak board
Tuesday 4 August 170-something lbs. of face-palming rage.Food consumed today:A lot of really audible snacks and stuff that makes me sound bone-crunchy and vicious, like a Central Park West poodle.Just past midnight. New York: my penthouse. Do people never learn? Found out today that SouthPeak Interactive has hired Paul Eibeler to be on its board of directors. This is the same guy I had ousted from Take-Two back in '07 -- not to mention, Diary, I'm still bitter about that golden parachute we gave him.What really wrinkles my suit, though, is this statement by SouthPeak chair Terry Phillips: "As one of the most respected executives in the interactive games industry, we welcome Paul to the board of directors." LOL to the ROFLCOPTER! I laugh in their general direction, Diary. Eibeler was named "Worst CEO" by MarketWatch in 2005 for his handling of Take-Two and the way he dealt with the "Hot Coffee" scandal. I mean, I've taken my licks, but Eibeler getting hired? It's like nobody Googles anymore.
Zelnick's Take-Two leadership blasted by investor blog
Wednesday 22 July 170-something lbs. I'm really sad, been putting on some weight and missing workouts.Food consumed today:Went total heifer and ate a tub of Cherry Garcia AND Vanilla Heath Bar Crunch. Too upset for anything else.Late morning. New York: my Take-Two office. Boo! Boo, I say. Meanie McMean-Means at Market Rap, an investors blog site, said not-nice things about me. I was fine with it until the games press -- which I read every day -- started picking up on it. I totally missed my 7AM, 9:10AM and 11:27AM crunch sets because I was so depressed. Anyway, this Perry H. Rod author guy says that I'm a liar and seems most upset about the stock drop after I brutally rebuffed EA's advances on MY company. He concludes, "If you're keeping score, in a two year period, Mr Zelnick managed to, on three occasions, make vital statements that were within a matter of weeks proven to be either fabricated or just incredibly incompetent (or worse)." Ouch, diary. This dude makes it sound like I'm as bald-faced a liar as Nintendo. It's not fair. I'll turn the company around once the economy picks up. I promise.[Via GamePolitics]
Strauss Zelnick discusses Q4 release assault, ponders 'chicken and egg' of it
Thursday 18 June 160-something lbs. Still need to work off that extra E3 weight. LACC food is sooo delish! Food consumed today: Nutri-Grain bar. Steak with hollandaise. One of those plasmid drinks we're thinking of tying into BioShock 2. Late afternoon. New York: my Take-Two office. Just read the VentureBeat interview published yesterday about me. Really hate that picture they used, I'm totally not working my chiseled features. Anyway, they asked me about delaying Red Dead Redemption and Mafia 2. I mean, come on, the holiday season is already packed. People will have even less cash this year. Maybe we'll get lucky and pull a GTA IV release with one of those titles? Haha, Diary. I know, we're not gonna get that lucky. Anyway, they also asked me about that EEDAR report, which says games sell better in the fourth quarter. That's good and all, but couldn't it be argued that it's a "chicken and egg problem"? Like, people buy during the holiday because that's when games come out? We'll try something a little different. Oh well, that's enough philosophy for one day. Good night, Diary.
Take-Two settles for $3M over old SEC investigation
Take-Two has agreed to settle for $3 million in a stock-option backdating scheme conducted by the company over a decade ago -- by folks that were punished and haven't been part of the company in years. Take-Two announced years ago that it would pursue the settlement route, accepting the corporate version of pleading "no contest," as the publisher did not admit nor deny the SEC allegations.In fairness, Take-Two appears to be a very different company under the muscled shadow of Strauss Zelnick, compared to the darker days of Paul Eibeler. Think of this whole incident like the time your uncle got really drunk at Christmas and ... well, you know. Point is: the family has moved on and tries not to remember that.[Via Gamespot]
Take-Two COO Gary Dale quits
Friday 16 January 150-something lbs. Feeling like I could be on the cover of a magazine. Food consumed today: 2 Apples. May have snuck something else in, but I'm too busy to recall. Early in the day. New York: my office. Ugh. Gary Dale, my chief operating officer at Take-Two. You know, my "Gar Bear." Well, he told me he's leaving the company. His day-to-day duties are just done. I think I'm pretty bummed about this, but I'm feeling too good after my workout this morning to get hung up on it. Anyway, Gary became my COO last year after holding the same position over with those cash cows at Rockstar. We haven't talked publicly about why he's leaving ... sorry, Diary, I can't even tell you. Gar Bear will be officially done with the company on April 15. He's got this thing where it takes him a really long time to say goodbye.
Jack Thompson, GamePolitics discuss God's wrath on Take-Two
Jack Thompson. Just when you thought that being disbarred was sure to cause the man to cut back on his theatrics, here comes a story from GamePolitics that is sure to go down as a "classic." In an email exchange between Thompson and GP's Dennis McCauley, the former attorney states that Take-Two's stock tumble is divine vengeance, and he also has some choice things to say about Take-Two CEO Strauss Zelnick.The exchange should be read in its entirety to grasp what dealing with Thompson is like, and to get a better idea of why the Florida Bar decided to strip him of his license to practice law. Some may find Thompson's statements regarding non-Christians to be offensive. Heck, many Christians might find his statements offensive. This is an opportunity to read Jack Thompson "raw."
Zelnick: It's not a financial crisis, just a 'car crash'
While talking up better-than-expected Black Friday sales at a Reuters Media Summit in New York, Take-Two Chief Executive Strauss Zelnick took a moment to tackle the global financial situation and its effect on the games industry. "I think everyone was encouraged by Black Friday," Zelnick said. "It was better than expectations, but it's pretty hard these days -- being slightly down is the new up."However, the Men's Fitness flexer refused to label the situation as a "financial crisis," opting instead for an intricate allegory from the Hideo Kojima School of Convoluted Comparison. "We're still seeing the car crash, and the ambulences [sic] are still showing up at the scene," he posited. "Maybe we're in the emergency room, but we're not even in the intensive care unit yet for a lot of these companies. But they will get there." But do we have an appropriate health plan? Are we under a general anesthetic? How long is the organ donor list? When we flatline, will we be haunted by the ghosts of all the kids we bullied at school?Source -- "Zelnick: Welcome to the emergency room"Source -- "Black Friday sales better than expected"
Take-Two Interactive considering subs and microtransactions for top titles
Subscriptions have been the bread and butter of MMOs since the days of Ultima Online, but subs may be coming to some popular standalone PC titles from Take-Two Interactive, presumably the Grand Theft Auto franchise and BioShock. Brian Crecente of Kotaku reports that "at the BMO Capital Markets conference, Take-Two head honcho Strauss Zelnick seemed very up on the idea of downloadable content, micro-transactions and even... subscriptions." This falls in line with their business model of periodically offering downloadable content to either extend the storyline of a game, or to simply offer varied gameplay experiences. Downloadable content and microtransactions could solve some of the issues game publishers have with their titles being re-sold, allowing them to have a continuous revenue stream, and perhaps dissuading many consumers from reselling that game in the first place. Regular content refreshes could ensure that these games don't go stale and end up relegated to a dusty bookshelf. Zelnick implied that this business model, should it come to be, would likely only affect Take-Two's biggest titles. This implies changes to the business models for Grand Theft Auto and BioShock, although the words "Midnight Club Online" also seem apt. But do you feel that adding the trappings of the MMO business model, namely subs and microtransactions, would enhance your experience with a standalone title, both as a gamer and as a consumer? Are more MMO-like PC games a good thing, or are you more of an MMO purist?
Take-Two CEO says to expect GTA: Chinatown Wars between Feb and Apr
Take-Two CEO Strauss Zelnick dropped a bomb on all of us anxiously awaiting the DS installment in the Grand Theft Auto series, GTA: Chinatown Wars. Speaking at the BMO Capital Market conference today, Strauss pushed the release of the DS title back into Take-Two's second fiscal quarter, which goes from February through April. That means we're a few short months away from getting down and dirty with GTA on our DSes!So, who's ready to clean up the streets of Chinatown?%Gallery-35102%[Via Joystiq]
Chinatown Wars in Feb-April; GTA IV DLC end of Jan, tentatively
Speaking at the BMO Capital Market conference today, Take-Two fitness guru Strauss Zelnick posed some new release dates for the next entries in Rockstar's sprawling crime epic, Grand Theft Auto. All signs point to peace in the streets as we approach Chinatown War's previously marked release in late January. Strauss has pushed the downtown conflict into Take-Two's second fiscal quarter, which runs from February through April.Possibly joining the isometric pocket pusher in Q2 will be the overdue GTA IV DLC for Xbox 360. Strauss still has his heart set on January, though, as the total package is "close to completed."
Take-Two's Zelnick flexes for Men's Fitness
On the surface, he has it all. A rad name. The chair of a powerful video game publisher. A chiseled bod cut from the blood, sweat and tears of a grueling 5-day workout week. (Dude has meetings while exercising -- confirmed!) But what harrowing skeletons are dangling in Take-Two chairman Strauss Zelnick's closet? ...We're pretty certain that's not the focus of the next issue of Men's Fitness (on newsstands November 20th), but we will be treated to such compelling insights as: "When someone asks me to have a drink, I suggest the gym instead." Plus: 896 tummy tightening, calorie counting, GET LAID NOW tips!
Take-Two decides to go it alone
Take-Two Interactive announced this morning that it's staying solo. The board met with "various interested parties" over the last five months and decided it was in the best interest of the stockholders to continue building the company independently.Despite Take-Two's recent stock slump following the EA buyout saga, the company's chairman, Strauss Zelnick, believes it remains competitive in the industry and will maximize value for stockholders. CEO Ben Feder says the company has 15 "wholly owned brands" with sales of over a million units, no debt and an "undrawn $140 million" to play with. Yeah, let's see if that cash gets spent on keeping GTA's Houser brothers.
Take-Two confirms meeting with EA, letting offer expire tonight
Just a little while ago, Take-Two announced that EA has agreed to sign a confidentiality agreement and review the object of its hostile financial affection's business plans for the next three years, turning this hostile takeover into something more ... amicable. Take-Two has also confirmed that it intends to let the clock run out on EA's $25.74 per share takeover offer, which expires today at midnight.At face value, what this means is that EA still wants to buy Take-Two, and that the current offer still isn't reasonable to the Take-Two board. Meanwhile, the FTC will have finished its anti-trust probe on the issue this Thursday. Perhaps once EA gets a look under Take-Two's hood the two companies can come to a mutually agreed upon price to end this saga -- or some other publisher could come out of left field and scoop Take-Two up.
Zelnick: GTA isn't Take-Two's only moneymaker
Take-Two Chairman Strauss Zelnick believes the company can be profitable in a non-Grand Theft Auto year. Speaking with Venture Beat, Zelnick explains that while GTA may have been the main source of profitability before, Take-Two is a different company in the wake of titles like BioShock and Carnival Games. Reportedly, the company now has "30 million-plus selling titles, 15 of which are full owned."Depending on the nature of the content in the first GTA IV DLC (expected later this year), the company might very well see some nice cash flow from the second episode next year. We also have no idea when to expect GTA: Chinatown Wars. From what we can see, GTA is going to be on the T2 fiscal calendar in one form or another for quite some time.[Via GI.biz]
