taketwo
Latest
Take-Two takeover: investors ousting chief exec
According to documents filed with the US Securities and Exchange Commission, Take-Two investors plan to attempt to install former BMG chief exec Strauss Zelnick as non-executive chairman. The coup aims to oust current chief executive Paul Eibeler and take a close look at chief financial officer Karl Winters. If Winters ain't pulling for the right side, he'll likely be dropped too. Investors currently control 46% of company shares.The potential management shake up follows several years of shady financial "irregularities," recently highlighted by former CEO Ryan Brant pleading guilty to stock option crimes. Citigroup analyst Elizabeth Osur called today's news "long overdue," and JP Morgan analyst Dean Gianoukos added that the change would be "positive for the company, assuming key development personnel are retained." Investors might win this round, but Arvind Bhatia of Sterne, Agee & Leach reminds us that Take-Two's problems will not be solved "overnight".[Via Game Stooge]
Take Two posts loss, settles lawsuit
The last day of February saw a double whammy of bad news for venerable game publisher Take Two Interactive. First, the company announced a net loss of $14 million in the final quarter of 2006, down from a $19.4 million profit a year before. The loss was exacerbated by $47 million worth of stock backdating charges that were spread out over restatements dating back to 1997. Then Reuters reported that the publisher had entered into settlement talks in a federal lawsuit surrounding Grand Theft Auto and the Hot Coffee incident. The company has apparently been in discussions since Feb. 16 over allegations that the hidden, mod-accessible content ran afoul of state consumer protection laws. The good news? Um... Grand Theft Auto IV is still set to come out later this year, so Take Two's fortunes seem likely to turn around eventually. For the time being, though, things probably aren't too jubilant over at Take Two HQ. [Thanks Jonah] Read - Settlement talksRead - Profit statement
Irrational developing X-Com sequel?
If you played PC games during the 90s, chances are you've played X-Com. A memorable turn based strategy title, X-COM put players in control of an elite agency tasked with defending the planet from alien invaders. Players researched alien technology and built their arsenals to combat different types of enemies. All in all, X-COM earned a fond place in many gamers' memories. Potentially good news then, as Irrational Games, makers of the upcoming BioShock, may be working on a sequel. A client document from Irrational's law firm, Fierst, Pucci, & Kane LLP was discovered by Shacknews. The document in question lists X-Com among Irrational's games. Adding fuel to this fire is the fact that Irrational's Ken Levine himself has professed his love for the X-Com series and Take-Two (owner of Irrational) purchased the rights to the series in 2005.Should the rumor prove true, we can only hope that the imminent success of BioShock will convince Irrational Games to bring the game to the Xbox 360.[Via 1UP]
Take Two downgraded. EA seeks 2K sports?
Michael Pachter of Wedbush Morgan Securities recently downgraded his assessment of Take Two Interactive stock from "hold" to "sell." While Grand Theft Auto IV is a guaranteed smash, WMS is wary of the lackluster performance of 2K Sports and "everything else." Naturally, Take Two's recent "hot coffee" scandal add to the decision, which Pachter chalks up to management decisions. Essentially, Take Two allows great freedoms to its creators, which results in groundbreaking games like GTA, but also results in sexual content making it onto a retail disc.Pachter discussed the possibility of the company being bought, divided, and sold in pieces. It's "unlikely" according to Pachter, but he does note that EA would be the most likely candidate to purchase 2K, as it would give the company a monopoly on nearly all major sports products. Pachter said such a monopoly could be worth as much as $1 billion, though he believes 2K Sports itself could probably be had for $200 million.[Thanks, dpcough]See Also:NFL2K rises from the ashesReduced 360 target causes VG stock dip
MLB2K7 no-go on Wii, fans forced to wait for MLB2K8 (update 1)
Ben Brinkman for Major League Baseball 2K7 recently answered some questions through a blog entry at 1UP. While followers of the game had their questions answered, the grim details regarding an installment in the franchise for the 2007 season on the Wii were hard to swallow. Turns out, the game won't be present on the Wii this year, with the company taking the extra time to perfect controls for the game's 2008 installment.For a baseball game, how many different gesture-based controls would you really need? Would it be that difficult to assign commands? Also, why not do what EA did with Madden 07 and just port the title over at a later date instead of abandoning the year's version altogether? [Thanks Jonah!]Update: Whoops, it's Ben Brinkman, not George Simmons.
Manhunt 2 Wii box art more interesting than teaser
After yesterday's announcement stabbed us in the face with a shard of glass, we've had some time to get used to the idea that Rockstar's Manhunt series is making its new-gen debut on Nintendo's heretofore soft and cuddly Wii console (alongside current-gen PSP and PS2 releases). The mind is a scary place to get stuck, as we did last night while trying (unsuccessfully we might add) to fall asleep. You see, we were preoccupied with all the horribly grotesque ways we imagined killing people (virtually, of course!) with the Wiimote. Hallucinations set in around 3am and we saw (did we?) rows of bespectacled Canadian programmers sitting in a crowded conference room, surrounded by empty pizza boxes and whiteboards covered with poorly spelled ideas. Ideas like: stabbing, bludgeoning, cleaving, slitting, choking (with optional nunchuk assist), and nunchuck ... ing. There were other ideas scribbled out: purple nurpling, hugging, arm wrestling ...If those visions of horror didn't whet your appetite, try Rockstar's Manhunt 2 teaser, embedded after the break. Yeah, our favorite part is when the announcer says "This product is not yet rated" too. Something tells us this one's not getting a T.%Gallery-1512%
Vice City Stories PS2 port plugged, then pulled from PlayStation.com
A PlayStation 2 listing for Grand Theft Auto: Vice City Stories briefly appeared, and then disappeared on PlayStation.com, mimicking happenings on the ESRB website last week (VCS is no longer listed there either). As to be expected, Rockstar remains coy, having neither reiterated nor reversed its previous claim that the PSP exclusive would not be ported to PS2. Eurogamer supposes that there are still some financial issues to work out, namely retail price, before Rockstar and Take-Two go public with the port.On the flip side, the VCS port could also be in the process of getting canned. Letting fans starve a little will help build anticipation for GTA IV -- not that it's needed. Pulling the plug on the port would more likely signal that Rockstar is concerned about diluting its key franchise.
Analyst apologizes to Take-Two, wants Bully sequel
While Bully was a slight departure from the established GTA franchise that Take Two Interactive are known for, it was received very well. By critics, by consumers, even by analyst Michael Pachter. He will be the topic for this post. See, initially, he was quoted as saying that sales of Bully won't merit a sequel. How would you like those words cooked, Pachter, before we force them back into your mouth? Nah, we won't do that, because you apologized like a human being."Please make sure you print my apology to Take Two - I have been consistently wrong about this title. I thought it would be stupid, and it was fun; I thought it would get poor reviews, and it got solid 90s; and I thought it would bomb, while it now appears to be a million unit seller. As a result, I did not expect a sequel, while now I have to acknowledge that a sequel is a possibility."Pachter makes mention of the GTA4 engine as a base for Bully 2 (should there be one), so we have to wonder if that would be a good engine to use for a more, er, localized non-linear game (a school as opposed to a city). What do you guys think? Sequel or no? Would you like to see more Bully action on the PS3?
SEC filing reveals 3mil Take Two shares unloaded
Hedge fund Glenview Capital Management have revealed in an SEC filing that it sold exactly 3 million shares of Take Two stock over the course of six transactions on December 21 at $19.25 each, amounting to $57.75 million. Glenview also disclosed that it held a 6.7% stake, or 4.88 million shares, of the controversial publisher. You might be quick to think something rather shifty is going on behind the scenes with such a large quantity of sales, but remember that GCM is a hedge fund with a fiduciary responsibility to its investors, and Take Two's stock has been on a steady rise since the FTC concluded its investigation of the Hot Coffee incident in June.[Via Seeking Alpha and Dubious Quality]
MISSING: Playstation 3 exclusives
Have you been wondering why our Playstation 3 friends have lost so many exclusive games? Think about it, Grand Theft Auto and Assassin's Creed are both shinning examples. Also, why has the Xbox 360 wrapped up exclusives from third party developers like Bioshock and Winning Eleven? It's quite simple actually, Sony's lead man Ken Kutaragi dragged his feet for far too long. Mr. Kutaragi couldn't give developers the thumbs up for exclusivity and Microsoft played the roll of annoying best friend, constantly bugging developers to flock to their console. And look at the result, we've got great games coming. Good job Microsoft, third party exclusive titles are butter and cream and we're all anticipating Assassin's Creed. Oh the joy.[Via, Digg]
GTA:VCS debuts at 6th in UK game charts
Take-Two, the parent company of Rockstar Games, needed some financial help. They looked to the PSP as a source for the big bucks, and it looks like they're making a healthy return. Within one week of sales, the PSP-exclusive Grand Theft Auto: Vice City Stories debuted at number 6 in the UK game charts, making it the top-selling handheld game for the week. With Bully also ranking high, and nary a DS game in sight, it appears that both Take-Two and PSP can breathe a sigh of relief and enjoy their success.[Via Gamespot]
Take-Two in trouble with NASDAQ
Take-Two Interactive, publisher of the famed Grand Theft Auto series, is under pressure to complete its quarterly report. NASDAQ has filed a non-compliance on the company for failing to report its July 31, 2006 statement on time. If Take-Two fails to comply, the company may have its stocks de-listed from NASDAQ, which would cause havoc with the share prices. Take-Two's official stance is that they wish to review their stock options before releasing the financial report, though taking over three months to do so is suspect. According to the SEC, 10-Q forms (the form Take-Two is late on) must be filed within 40 days of the end of the financial period. There's gotta be something more than a simple review of stock options going on. Could Take-Two be shuffling around records to hide or eliminate a fraudulent transaction? Maybe the media exposure over Bully has hampered sales; TT could be stalling for time to release the bad news, hoping the share price impact is softened by strong holiday sales outlooks. In any case, Take-Two needs to get their act together or investors may look elsewhere to keep their retirement assets. If so, TT would need a mega-hit series to keep the investor's money from falling out of their pockets ... oh, wait.
Miami judge orders Take-Two to bring Bully to him
Earlier today, attorneys representing Take-Two Interactive -- publisher of Rockstar Games' controversial video game Bully -- along with lawyers representing retailers Gamestop and Wal-Mart squared off with Miami attorney Jack Thompson in Florida's Third District Court of Appeal. Game blog Destructoid had someone in the courtroom, blogging the goings-on. They briefly recount the day's events culminating in Judge Ronald Friedman's ordering of Take-Two to produce Bully by 3PM tomorrow, so he can view the entirety of the game (played by a Take-Two representative, of course) and determine if Thompson's claims that the game is a "public nuisance" have any merit. Destructoid promises four more pages of notes, detailing all the nitty-gritty, so keep your eyes peeled. Meanwhile, GamePolitics blogger and Joystiq columnist Dennis McCauley received an email from Thompson, gloating, "This is a huge victory against the violent video game industry, regardless of the ultimate ruling on the injunction."Maybe, maybe not; that all depends on what the judge thinks of the game's content. If Bully isn't as violent or inappropriate as Jack Thompson would have us, and the court, believe, and is instead a "snarkily clever social commentary," then what? Then there's no restraining order preventing the sale of the game to minors and Thompson says he'll "drop the whole thing." If Judge Friedman does find a problem with the game, then ... eh, let's just think positive thoughts, okay?Read - GamePolitics.com's note from Jack ThompsonRead - Destructoid's man-on-the-scene report
Splinter Cell, BioShock, GTA IV episodes exclusive for Xbox 360
Both BioShock and Splinter Cell Conviction (the suspected title for the post-Double Agent iteration) will be console-exclusive to the Xbox 360; BioShock will still be coming to the PC, while Splinter Cell can still be released for the PC and various portable console (DS, PSP). BioShock publisher Take-Two will also be providing "exclusive access to two downloadable, epic episodes of Grand Theft Auto IV via Xbox Live, each with hours of entirely new gameplay ." Ubisoft's Splinter Cell Conviction is the title found during their "accidental" leak earlier this month. The exclusivity of BioShock was predicted by GameSpot back in January after developer Irrational was bought by Take Two. The GTA IV episodes are a "complete exclusive," according to Scott Henson, Director of the Game Development Group at Microsoft, and will not showing up on the PlayStation 3 download service. The episodes will be available a few months after the release of Grand Theft Auto IV on October 17 and 19 in US and Europe, respectively. Microsoft hinted at exclusive GTA IV content as early as July. While BioShock may not affect the mass audience, the loss of Splinter Cell and some exclusive GTA IV content could hurt the PlayStation 3's image in North America and Europe. Then again, Sony does have Metal Gear Solid 4 to satiate its consumers, but what are the long-term ramifications of Microsoft's exclusive deals?
Will Wii see L.A. Noire?
Rockstar and Team Bondi (the guys behind The Getaway) have announced L.A. Noire, a stylized, 1940's-era interactive story littered with glamorous dames, puzzles to solve, and a hardboiled gumshoe behind it all. Now, normally we wouldn't take too much notice of Rockstar news, but there's something here that sparks our interest. Hmm ... what could it be ... interactive story, puzzles, stylized imagery ... why, it sounds like it could be perfect as a Nintendo game!Add in the Reggienator's comment about meeting with Take-Two and you've got fuel for a whole day's worth of inter-tube speculation. After all, they've announced no console for L.A. Noire. This could be our moment in the sun -- or in the shadows, as it were, snapping photos and tonguing the butt of a cigarette.
Grand Theft ... Nintendo? [update 1]
MTV (yeah, really) has a great GameFile piece up right now that speculates on the upcoming battle between the Nintendo Wii and the PS3. But though the rest is interesting, we only had eyes for one little thing that Reggie Fils-Aime let slip:"We're reaching out to every publisher, frankly every day. I'll be spending some time later today with the folks over at Take Two to see what type of support they can give our console. ... The fact is there will be M-rated content on the Wii console."This is either the sign of the apocalypse or the red carpet down which the Wii may strut to console wars victory. Take Two Interactive is, of course, the publisher behind the impossibly popular Grand Theft Auto franchise -- a franchise that has never appeared on a Nintendo console, though GTA has surfaced on the GBA.We'll give you a moment to consider that one. It's okay. We'll wait.
Bully gets a T rating. No, seriously
In a move predicted by more than a few comments at Joystiq, Rockstar's controversial title Bully has received a T for Teen rating from the ESRB. Questionable content includes Crude Humor, Language, Sexual Themes, Use of Alcohol and Tobacco, Violence. Go ahead, let that one sink in, we'll wait. What does the T rating mean, exactly? Most retail outlets follow one simple rule of thumb: don't sell Mature-rated games to minors. According to the ESRB's official ratings guide, "Titles rated T (Teen) have content that may be suitable for ages 13 and older." Come October, little Billy won't need to ask him mom or bribe a homeless man into buying the game, he can do it himself. Wal-mart, after pulling Bully pre-orders a few weeks back (for various, disputed reasons), is now taking pre-orders on its web site. With the political season in full swing, we imagine more than a few politicians will cite this case as an example of the ESRB's negligence, or how the ratings system is "out of touch with" or "destroying" American values. Keep in mind the game has no guns or knives, disproving the theory that this title is a "Columbine simulator" (as purported by anti-game activist Jack Thompson). Bully will be released October 16 for the PlayStation 2.
PS3 delay leads to publisher stock dip
Wall street reacted to yesterday's big news about the PS3's European delay and component shortages by lowering the stocks of some big video game publishers. Shares of Electronic Arts, Activision, THQ and Take Two fluctuated down one to four percent yesterday as investors and analysts took into account the delay's effect on near-term overseas profits. Despite the one-day drop, analysts are predicting that the delay will not affect the medium to longer-term prospects for the companies as they move resources to the next-generation of systems.
Take-Two looks to the PSP for comfort
Take-Two, the company behind the mega-popular brand Rockstar Games, is facing some troubles. Although the company has greater revenues this year than last, Take-Two is facing some serious issues. Firstly, the company has "received additional grand jury subpoenas issued by the District Attorney of the County of New York requesting documents ... regarding stock options and other equity based compensation." Also, Wall Street analysts think that the stock for the company is overvalued: "the current analyst consensus EPS estimates for its third quarter, and revenue and EPS [earnings per share ]estimates for its fourth quarter are too high."With plummeting stock prices, Take-Two looks towards the PSP for solace. The company speaks of the upcoming Grand Theft Auto: Vice City Stories and "a Rockstar PSP title based on a premier brand out of the fourth quarter" as upcoming releases that should more than move a few units. The company hasn't revealed what the mystery PSP title is, but it appears that all bets are on Sony's handheld for the company now.See also:TTWO shares drop on earnings warning, stock option investigation[Via Gamespot]
More heat coming down on Take-Two
Just when you thought this whole "Hot Coffee" mess was behind us, Take Two has been hit with more litigation. According to the Associated Press, Take-Two Interactive Software Inc. received two subpoenas from the Manhattan district attorney today over the Hot Coffee incident in Grand Theft Auto: San Andreas. The story goes on to say:"The documents subpoenaed date back to October 2001, and are connected to whether company officers and directors had direct knowledge of the secret scenes, commonly referred to as "Hot Coffee." The district attorney was also seeking compensation documents linked to current and former officers and directors as well as information about acquisitions in 2005, partnering arrangements and earnings results."Even once they are done in New York, Take Two is still facing possible action in North Carolina and Connecticut over the same steamy issue. Will it ever end folks?
