taketwo
Latest
Pachter: Take-Two's rejection of EA offer a mistake
Wedbush Morgan Securities analyst Michael Pachter jumped right on Take-Two's dismissal of EA's buyout offer and says it was "ill advised." GameDaily reprints Pachter's analysis in which he goes point by point over how, in his opinion, Take-Two's board screwed up. He believes the company was positioned to get even more money out of EA if it had offered a "friendly transaction" instead of continuing its "adversarial posture."Pachter believes that if Take-Two is holding out for more money following the release of Grand Theft Auto IV, the tactic is "naive at best, and disingenuous at worst." He states that GTA IV's sales will not ultimately impact the value of the company and that EA's $26 per share offer was done even with GTA IV sales in mind. Pachter goes on to say that if EA doesn't get controlling interesting of Take-Two with its tender offer, it will withdraw the offer and Take-Two's stock will take a 20% hit. He surmises the drop will be even worse if the market doesn't presume EA to be taking a walk around the block before picking up Take-Two later.
GTA IV Liberty City map sneaks online
GTAGaming posted several images of a map for Grand Theft Auto IV's streets and subway system. As for the authenticity of the Liberty City map, well ... that's a whole other issue. The six images are of varying clarity and one image even shows the PS3 controls for the game.A few things raised red flags for us with the images, like one image showing Liberty City "neighbourhoods" -- with a "u." Although this map could be for an international version of the game, it still seems odd that a map depicting an alternate version of New York City would spell neighborhood in an un-American fashion. Another issue is some awkwardly constructed sentences in the region details (like the first sentence in the Alderney description). We're sure people may find other things to make their spidey sense tingle, but check it out and make your own conclusions about authenticity.Update: Images pulled, kbai.
Bully's Xbox 360 patch may need another patch
EuroGamer reports that a patch released five days ago, which intended to fix the issues in the Xbox 360 version of Bully: Scholarship Edition, may have caused more problems than it resolved. Reported problems include freezes, along with audio and graphic glitches. Rockstar explained that the issue is with older consoles, but EuroGamer states its (relatively new?) office Elite locks up.We're still waiting to hear from Rockstar about what's really going on, but the company seems to have locked itself in the teacher's lounge and refuses to come out. So, what's the word on the virtual streets? Are people still having problems with their copy of Bully on the Xbox 360?
Analyst: EA being Rockstar's 'white knight' is 'bullsh*t'
Amidst EA's hostile takeover of Take-Two, EA Chief Exec. John Riccitiello told the New York Times last week that his company would "represent a white knight" to a developer like Rockstar (GTA, Bully) and bring its games to a wider audience than Take-Two could. GameDaily spoke with a couple of the industry's leading analysts, like Janco Partners' analyst Mike Hickey, who called the "white knight" statement -- wait for it -- "total bullsh*t, and disrespectful" to Take-Two's new management team.DFC Intelligence's David Cole says that Rockstar doesn't need EA's help to bring its games to a wide audience. Wedbush Morgan's Michael Pachter thinks Riccitiello doesn't really understand the definition of a "white knight." He points out that Rockstar is no "damsel in distress" and could become independent, even though it wouldn't own GTA -- Take-Two owns the GTA IP and that belongs to whichever company owns it.Read -- Analyst: EA's Riccitiello 'Disrespectful' Towards Rockstar, Take-TwoRead -- New Shareholders to Weigh Take-Two Bid
GTA IV drives slo-mo, learns days of the week
In a recent test drive of Grand Theft Auto IV, MTV's Multiplayer discovered a couple new features for this go-around in Liberty City. One very passive feature is GTA IV will have days of the week. So, instead of an endless cycle of night and day, there'll be an endless cycle of day and night split over seven infinitely repeating days. This will affect gameplay by only allowing Niko to access certain areas on specific days of the week. MTV says you don't have to worry about it turning into Animal Crossing though, the day/night cycle will be the same as other entries into the series -- meaning gamers won't need to mess with their system's internal clock.The other reveal is the use of a slo-mo while driving. GTA veterans can already imagine the advantages and cool factor this could have while avoiding traffic or trying to hit a stunt point perfectly. A very nice feature, but one we'll have to see for ourselves to get a better feel for when and where it can be used. GTA IV is still expected to hijack the sales charts beginning April 29.
Take-Two asks shareholders not to take EA offer
Take-Two is appealing to stockholders not to consider EA's early-morning all cash tender offer, which pitched a purchase of the company's stock at $26 a share (a 4.4% premium over yesterday's closing price). The Take-Two board states it will review and consider EA's offer and, within 10 business days, advice stockholders of the board's position on the matter along with its reasoning.The 10 day "please wait" request from the Take-Two board is still way within the April 11 deadline given by EA on its $26 per share offer to stockholders. EA wants Take-Two and it wants it bad.
EA makes all cash tender offer to purchase Take-Two
With Take-Two Executive Chairman Strauss Zelnick having thoroughly rejected EA's initial buyout offer, the Madden and Burnout publisher has redirected its corporate Katamari at Take-Two shareholders. EA has announced the commencement of a tender offer for all of the currently outstanding shares of common stock of Take-Two Interactive Software at $26 per share. Valued at approximately $2 billion, the offer reportedly represents a 64% premium over Take-Two's closing stock price on February 15, the company's last trading day before EA began its increasingly aggressive financial courtship. Compared to Wednesday's stock price, it constitutes a 4.4% premium.Barring extension, the tender offer is good until midnight EST on Friday, April 11, 2008. EA CEO John Riccitiello described the offer as "a great opportunity for Take-Two shareholders" and as a a way to "maximize the value" of their investment. "For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two's talented creative teams to the great development organization we've built at EA," he concluded.Will shareholders deem this offer welcomed financial assistance or unwanted financial insistence? We'll have to wait and see.
EA rejects 'impossible' collaboration with Jack Thompson
No thanks, we don't need Jack. So says publisher EA, having rejected Florida's attorney at lawl, Jack Thompson, and his recent offer to assist in the attempted buyout of Grand Theft Auto publisher, Take-Two. In an impassioned letter, the spirited lawyer and friend of Mass Effect threw his support behind EA's (thus far unsuccessful) maneuver, claiming he would be "delighted" to help "evict the [Strauss] Zelnick Trojan Horse from within Take-Two's corporate walls." Responding via e-mail (posted by GamesIndustry.biz), EA's Mariam Sughayer politely turns down the offer, saying, "In response to your offer to assist in the proposed acquisition of Take-Two, we would strongly prefer that you not get involved in this matter." Sughayer goes on to cite Thompson's past behavior towards gaming, "including false claims about content in [EA's] games," as a source of enmity, rendering any possible collaboration "impossible."
Take-Two's Zelnick reiterates rejection of EA buyout
Take-Two Executive Chairman Strauss Zelnick continues to hold the line against EA's buyout offer, repeating once again the company still isn't interested. In a Q&A with The Hollywood Report, Zelnick believes that consolidation is likely to continue in the industry, but he would like Take-Two to remain an "independent company."We'll have to wait and see if it's just lip service, but Zelnick actually says a few things that stray from the well-paved path we've seen from EA and (ever-increasingly) Activision. He finds pride in the progress made over the last 10 months since taking over the company and then commits the video game executive version of shock-and-awe by saying, "Does consolidation create better games for consumers? Does it create better careers for the creatives? Those questions are just as important. If all stakeholders aren't taken care of, then none of the stakeholders will benefit." If Take-Two survives what some analysts say is the inevitability of an EA buyout, and Zelnick sticks with that line of thinking, we may have to send him a Valentine's Day card next year. We'll have to find out if he prefers flowers or chocolates?[Via GameDaily]
Jack Thompson offers to help EA with Take-Two takeover
Last week, Electronic Arts CEO John Riccitiello revealed an offer put forward to Take-Two Interactive executive chairman Strauss Zelnick to buyout T2 for nearly $2 billion. Zelnick expediently and publicly shot down the offer, though this battle of the peculiar last names was far from over -- since then we've heard that other companies took interest in T2 after EA was shot down, though certain industry analysts believe EA will eventually win out. Yesterday brought news of a new player on the field that could tip the battle in EA's favor -- Enter: Jack Thompson!Yes, everyone's favorite Floridian moralist (and T2 shareholder) recently threw his support behind Electronic Arts in an impassioned letter, saying he would help "evict the Zelnick Trojan Horse from within Take-Two's corporate walls". We think that EA and J.T. would be strange bedfellows, given Thompson's denunciation of Sims 2 a few years back -- though his uncustomary defense of Mass Effect might have rebuilt that once-burnt bridge. How about it, EA? Is your raid on Take-Two LFM?
Pachter: EA will acquire Take-Two
Wedbush Morgan Securities' right-more-often-than-not analyst Michael Pachter believes that in the end EA will acquire Take-Two. Pachter prognosticates that EA will continue working angles for a takeover and is doing so to stop Take-Two's sports franchises, which he estimates will cost EA $150 million in operating profit this year. On Sunday it became public that EA was looking to gobble up Take-Two for $2 billion dollars, Take-Two quickly responded saying it wasn't interested. If EA does not acquire Take-Two then Pachter believes EA will attempt to purchase hire key personnel on teams like Rockstar and make its own version of Grand Theft Auto.Even if EA were to gain the rights to the GTA franchise and key people like the Housers were to quit, Pachter imagines the GTA series would still make around $150 million every year even without Rockstar North as developer; although he admits if Rockstar North were still in charge of the franchise it would make about $600 million every other year. There's still much more info to pop out of this rabbit hole of acquisition soon -- time to work on our Ferengi post images.Read: EA could make GTA games without Rockstar - analystRead: Pachter: Why EA Will Prevail and Acquire Take-Two
Take-Two rejects EA acquisition proposal [update 1]
Apparently, it didn't take them very long to consider Electronic Arts' somewhat hostile buyout proposal -- Take-Two's Board of Directors just responded to the offer with a press release of their own, stating that EA CEO John Riccitiello's proposal was "inadequate in multiple respects and not in the best interests of Take-Two's stockholders."While EA's proposal listed Grand Theft Auto IV as a primary reason for the merger, as Riccitiello claimed EA could lend their help during the game's quickly approaching release, Strauss Zelnick, Take-Two's executive chairman, listed GTAIV as the primary reason why they wouldn't want to merge at this point in time, fully expecting to increase their overall value when the game hits store shelves come April 29.Zelnick's laundry list of reasons why the buyout wouldn't benefit his company can be found on the press release. For now, let us rejoice in the postponement of the seemingly inevitable future where one superconglomerated gaming publisher/developer controls all game releases on the planet.Update: MTV Multiplayer's Stephen Totilo just had a chat with industry guru Michael Pachter, who claims that this probably isn't the end of the ordeal, and that EA will eventually get their way -- though it might not happen for a while.
EA proposes acquisition of Take-Two for $2 billion [update 1]
var digg_url = 'http://digg.com/gaming_news/EA_proposes_acquisition_of_Take_Two_for_2_billion'; Not one to miss out on a gaming industry trend as hot as corporate synergy, Electronic Arts recently proposed an acquisition of Take-Two Interactive Software for $26 a share (nearly a 63 percent premium to their current stock value) -- for a grand total of approximately $2 billion.Before you start feverishly fantasizing about a Bioshock/Crysis mash-up, you should know that Take-Two's executive chairman, Strauss Zelnick, shot down the proposal upon receiving it last Tuesday. Attempting to go over the bossman's head, EA CEO John Riccitiello made his proposal public, hoping that Take-Two shareholders will find the offer more attractive than Zelnick initially did.EA intends to keep the proposal on the table to give Take-Two's board of directors "further time to consider it," obviously hoping to force Zelnick's hand. Whether or not this strategy will work, we imagine we'll find out in the next few days. We'll keep you updated as the situation develops.Update: Take-Two's Board of Directors have considered the offer, and politely refused. Check out the full story for Zelnick's reasoning behind shooting down the proposal.
Rockstar already expects controversy over GTA IV
While it doesn't take a soothsayer to guess that Grand Theft Auto IV is going to make quite a splash in the pool of a number of family watchdog organizations when it's released upon the world come April 29 -- Dan Houser, Rockstar's VP and writer for GTA IV, recently said in an interview with Yahoo! News that he expects the fumes of controversy to waft especially thick and heavy over this particular chapter in the GTA franchise.Why, you might ask? What could be worse than territorial gang violence, drug trafficking, or poorly rendered depictions of consensual sex between two adults? Houser explains -- the studio will definitely be hearing about certain gameplay elements, such as drunk driving, and the inclusion of current-gen advancements in video game strip club technology. Well, duh -- if a space marine and his azure-skinned concubine can't tastefully bump uglies without a media explosion, we doubt an in-game visit to The Booby Trap will be overlooked.
Law of the Game on Joystiq: Grumpy Thompson Again
Each week Mark Methenitis contributes Law of the Game on Joystiq, a column on legal issues as they relate to video games: Like a bear awakening from winter hibernation, you can be assured that after a Grand Theft Auto game is slated for release, a certain attorney in Miami will come stumbling out of his cave, grumbling and growling. Sure enough, Jack Thompson released a statement just after GTA IV's April 29 release date was announced – I won't go as far as to call this statement a "threat," as it seems to lack any credible consequences for gamers or the industry. Jack has made many, similar vague statements in the past, forecasting everything from the destruction of Take-Two to the apocalypse in the wake of game releases, but what can Jack really do? The answer to that question is 'not much,' from a legal perspective. Of course, there was that oddly short settlement agreement between Jack and Take-Two last year, whose status has been questioned previously, which should theoretically restrict Jack's ability to sue or threaten to sue to block the sale or publication of any Take-Two title. And if you look closely at the latest Thompson statement, it seems he's following those guidelines so far. To quote from his statement, "... contacting state and federal officials to stop the improper sales of Grand Theft Auto IV ..." Specifically, Jack is not suing, per the letter of the settlement, but encouraging government officials to act.
Switched On: Apple TV gets its second audition
Each week Ross Rubin contributes Switched On, a column about technology, multimedia, and digital entertainment. Apple TV was overwhelmed by the introduction of the iPhone at the Macworld 2007 keynote, but the little set-top device has been the recipient of a complete makeover in 2008. The rich visual menus of the first release are now revealed only after traversing a textual navigation grid that looks austere for an Apple product and downright grim for a TV-based user interface. "Take Two" as it is being called, upgrades Apple TV's software and positioning, but the product will still struggle to break out of its niche in the mad rush to free movies from their disc detainment. The first iteration of the Apple appliance was, like many products before it, focused on sending content from the PC to the television. Apple included a fast 802.11n receiver and even a hard drive for ensuring content availability when the network was offline, and the product's media serving was tied to its popular iTunes software. But ultimately, Apple learned that the music and photos that populate consumers' hard disks have a hard time competing for attention with premium Hollywood television. This curse of familiarity is especially insidious when it comes to video that demands constant replenishment. As Steve Jobs noted during his Macworld keynote, Apple now "gets" that video is what consumers want on their TVs. And Apple TV should deliver. In fact, the movie rental and purchase proposition is now very similar to that of the device and service offered by Vudu, Inc., which has a head start on content but a higher price and nowhere near Apple's brand or distribution power. Apple is also offering podcasts, YouTube and its original ability to access personal content from PCs.
Jack Thompson rears head in response to GTA IV release date
It's been a while since we've heard anything from the infamous anti-gaming crusader, Miami attorney Jack Thompson -- then again, being faced with the possibility of being disbarred in your home state is enough to really tie a guy up. However, with last week's announcement of a late-April release date for Grand Theft Auto IV came Thompson's mandatory adverse response to the series, and negativity towards Take Two, the game's distributor.Contained within an email from Thompson were promises to keep this "murder simulator for violence against women, cops, and innocent bystanders" out of the hands of children by contacting "state and federal officials" to warn of the game's immediate danger. Though no immediate threats were made towards Take Two or Rockstar Games, we're sure the fireworks will really start going off by the time GTA IV drops April 29 -- which just happens to be around the same time the outcome of Thompson's Florida Bar trial will be decided.
Welcome 2K Czech: Take-Two brings Mafia dev Illusion Softworks into the family
Take-Two has draped its money hat over Czech Republic developer Illusion Softworks, acquiring the studio best known for its Vietcong, Hidden & Dangerous, and Mafia franchises. The developer, which operates out of both Brno and Prague, will now adopt the less-inspired title of 2K Czech. It's unclear what effect, if any, this will have on the studio's current or future projects, with Take-Two stating only that the developer continues to pound out code for the previously announced Mafia 2, which will ship...someday for the PS3, Xbox 360, and PC.
Pachter: GTA IV is not a Take-Two panacea
Take-Two might be seeing improved financials, but Wedbush Morgan analyst Michael Pachter is tapping the brakes if the company thinks Grand Theft Auto IV is going to drive profits and be a "panacea" for all its ills. Giving GameDaily some fancy financial math, Pachter lays out that Take-Two management is operating in a fantasy world if they think their profit forecasts are credible. Pachter goes on to say that Take-Two still receives a "Sell" rating and questions if management is even capable of turning the company around.He then plunges the dagger deep into Take-Two management not only over fiscal issues, but basic management. He believes they are sincerely trying to turn the company around, which continues to operate at a loss, but that they have "not managed a business like this one in an environment like this." He doesn't understand why there weren't staff reductions after the "abysmal performance" of All-Pro Football -- especially with EA having the NFL in its pocket. Pachter believes investor confidence in Take-Two is unfounded and reminds the company had a cumulative operating loss of $450 million between Feb. '05 and Jan. '08. He concludes that investors and management have "overconfidence in the performance of GTA IV."%Gallery-3442%
Rumorong: More exclusive GTA IV Xbox 360 content in '09
According to Take-Two there is no additional exclusive episodic content for the Xbox 360 version of Grand Theft Auto IV beyond what was previously announced. The confusion stems from a call last night regarding Take-Two's financials where CEO Ben Feder said, "In fiscal 2009 we'll also be offering additional episodic content for Grand Theft Auto IV on Xbox 360." A Rockstar rep tells Next-Gen that Feder was referring to the second announced episode.The semantic crux in the statement is that if the second episode is released after Nov. 1 '08 it is part of Take-Two's fiscal '09. We already knew that the first GTA IV episode was planned to come out shortly after release, and then the second episode about a half year after that, which places it after the fiscal '09 start date. The devil is in the wordy details.%Gallery-3442%
