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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
Take-Two's ex-CEO pleads guilty to white-collar crimes
Former Take-Two CEO Ryan Brant was a naughty boy. And he got caught. Not exactly with his hand in the cookie jar, but Brant was fond of the practice of backdating stock options. An internal investigation found that Brant and others had done so regularly between April 1997 and August 2003.In June 2005, Brant and three other former execs paid $14 million to settle a SEC lawsuit. Today, he has pleaded guilty in two options-related cases and will pay an additional $7.3 million settlement -- he is also banned from holding control management positions in public companies. Crime pays, sucka.
The Darkness nearing "spit and polish" phase
Developers at Starbreeze have been hard at work on The Darkness, hoping to keep the quality of their titles up to snuff. Following the surprisingly well-received Chronicles of Riddick: Escape From Butcher Bay for the XBox, we don't blame them for wanting to create something just as fun. The game's scheduled for release in the second quarter of 2007 for multiple consoles, boasting a step away from generic FPS action and throwing in superhero traits and elements -- it's based on a comic book, after all.Now, you can read the interview to learn more about the game's plot and such (but we don't like ruining it even a little bit) or you can stay here and we'll tell you what makes the Blu-ray/PS3 version of the game pretty neat. Denby Grace of Take-Two says: "Blu-ray offers us around 25GB to play with, so we're looking to license old TV shows, adverts, and cartoons to build entire TV channels in the game. You can actually turn on the TVs in the game and watch a film, watch a TV series, anything you want really. It's a little bit gimmicky, but at the same time, it's a really cool feature." So, um, yeah... that's an interesting choice. Still, kind of cool.As far as multiplayer goes, there's not much talked about in the sense of modes or weaponry specifics, but there is a distinct Aliens Vs. Predator feel to it -- one type of creature you can play as will be able to climb walls, attack with claws, see in the dark... where the humans can use a multitude of guns and scream when they get pounced by... The Darkness!
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.
Rockstar co-founder takes break, never comes back
Take-Two reports that Rockstar co-founder Terry Donovan has left the company. Donovan, who served as managing director, reportedly took a one-month leave, after which he decided not to return. Rockstar noted that Donovan would not be replaced; instead his responsibilities would be divided up among several other employees."Sam [Houser] and Dan [Houser] is the leadership now, along with Gary Dale. The roles have been filled," affirmed a Rockstar representative. Dale recently joined Rockstar as the new COO.
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?
No Bully sequel, judging by the numbers
Despite a strong first month in sales (estimated at 250,000 units worldwide) that was backed by critical acclaim, Bully's popularity at retail has quickly dwindled. Wedbush Morgan Securities Managing Director of Research Michael Pachter projects Bully will peak around 800,000 units sold; generating roughly $24 million in revenue. While that might sound rich, Pachter calls it a wash for Take-Two. "I would NOT expect a sequel," Pachter emphasized to GamePolitics.If Jimmy Hopkins' video game career is indeed one and done then it would go against Rockstar's standard practice (presumably encouraged by Take-Two). The developer has always molded its titles into series; The Warriors being the only Rockstar game that has yet to be revisited* (sequels to Manhunt & Red Dead Revolver are in the works). At the very least, we would expect Bully to be ported to PSP.*A PSP port of The Warriors is in the works.
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]
Take-Two internal probe deems decade of financial statements unreliable
An internal investigation has turned up improprieties in Take-Two's financial records dating back to 1997, finding stock-option grants that were incorrectly dated. Current chief executives have been spared as the probe did not find evidence of misconduct on their parts.The investigative committee has yet to release its final report assessing the total impact of its findings. As a result, the Grand Theft Auto publisher has requested an extension for filing its third quarter Form 10-Q, attempting to avoid a Nasdaq delisting. Take-Two shares had already fallen 1.4% as of this morning.
Take-Two signs in-game advertising deal
Take-Two and independent advertising company, Double Fusion, have announced an agreement that will see up to nine upcoming 2K and 2K Sports titles riddled with in-game "advertising opportunities". The official press release notes that Double Fusion will be exclusively providing dynamic advertising technology across all platforms, with the exception of the Xbox and the Xbox 360. While the online implementation of ads is nothing unheard of, it's the actual description of the embedded, offline versions that prove to be a bit scary."Select versions of 2K and 2K Sports titles will feature integrated, hard-coded placements that will offer marketers opportunities for deep integration into gameplay and storylines, reaching users of the games whether or not they are connected to the Internet."In-game advertising is often a tug-of-war between a subtle man in a trenchcoat and an obnoxious exhibitionist with an oily burger in his pocket. It's all a matter of balance, with the product or service demanding the player's attention, but in a way that seems natural and unobtrusive within the game's framework. The best in-game advertising often lends to the believability of the world (billboards in a dense city make complete sense), whereas the worst destroys it completely (billboards in Hyrule, not so much). Let's hope Take-Two doesn't have us taking our band of adventurers into the ancient NIVEA forest as we search for the magical PANASONIC DLP SCREEN. (Hint: Speak to the merchant elf -- he'll give you a BMW with GPS navigation.)
Duke Nukem ... Finally?
Although the title should be Duke Nukem Forever (in the Making), is it finally coming out? It was announced way back in 1997, meaning that there are tons of young gamers out there who have never even seen a Duke Nukem title, so they have no idea what all this about anyhow. Best Buy is listing it for sale now on January 2nd, 2007 for $59.99. They also claim that, "Duke Nukem is an action hero for the ages, with his big muscles, big guns and an even bigger sense of humor." For the ages. Yep, they sure would have appreciated this guy back in 1300 AD. He could've teamed up with Ash, ftw.The listing is probably pure crap, especially since both the Take 2 and 3D Realms sites say nothing about a final release date. But, it sure makes us wonder. Is this thing ever going to see the light of day? Several key members of the Duke development team left 3D Realms in August, which surely hurt the work on this title. Your guess is as good as any if this listing is real or not. But for the adventurous readers out there, pre-order and cross your fingers.Of course, if it doesn't come out, we're pretty much used to waiting at this point, as evidenced by a similar situation last year. However, if a miracle happens and it hits the shelves, where will we point to as the longest game in development from now on? Does anyone still care about Duke at this point? [Thanks, Kurt & Tim]
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
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.
