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Take-Two Interactive

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"Take 2" and "Take-Two" redirect here. For other uses, see Take Two (disambiguation).

Take-Two Interactive Software, Inc.
Company typePublic
Nasdaq: TTWO
IndustryVideo games
Interactive entertainment
Founded1993
FounderRyan Brant
Headquarters
New York City, New York, U.S.
Key people
Strauss Zelnick[1]
(Chairman and CEO)
ProductsBioShock series
Borderlands series
Bully
Civilization series
Codename Eagle
Duke Nukem series
Grand Theft Auto series
L.A. Noire
Mafia series
Manhunt series
Max Payne series
Midnight Club series
MLB 2K series
NBA 2K series
NHL 2K series
Railroad Tycoon series
Red Dead series
Serious Sam series
Stronghold series
Top Spin series
WWE 2K series
XCOM series
RevenueIncrease US$ 1.214 billion (2012)[2]
Increase US$ 5.24 million (2012)[2]
Increase -US$ 29.49 million (2012)[2]
Total assetsIncrease US$ 1.277 billion (2012)[2]
Total equityDecrease US$ 588.00 million (2012)[2]
Number of employees
2,440 (December 2012)[3]
WebsiteTake2games.com

Take-Two Interactive Software, Inc. (stylized as Take2), also known as Take-Two, is a multinational publisher, developer, and distributor of video games and video game peripherals. Take-Two wholly owns Rockstar Games and 2K Games. The company's headquarters are in New York City, with international headquarters in Windsor, United Kingdom. Development studio locations include San Diego, Vancouver, Toronto and Novato, California. Take-Two has published many notable games, including its most famous series Grand Theft Auto, the Midnight Club racing series, the Manhunt series and more recently BioShock. As owner of 2K Games, Take-Two publishes its popular 2K Sports titles. It also acted as the publisher of Bethesda Softworks's 2006 game, The Elder Scrolls IV: Oblivion.

History

1993-2004

Take-Two was founded in 1993 by Ryan Brant, the son of Peter Brant, newsprint their and co-owner of Interview. In March 1998, Take-Two strengthened itself in a number of areas by acquiring the BMG Interactive unit from Bertelsmann AG for approximately $14.2 million. Take 2 published a game called "Rats!" in 1998, the game was developed by Tarantula Games. Later BMG Interactive was re-formed into Rockstar Games in late 1998.[4]

In February 1999, Take-Two published the game Biosys through the company Jumpstart Interactive. The game is a point-and-click adventure which follows the protagonist Professor Alan Russell and is set inside the fictional ecological facility Biosphere Four. In July 1999, they published Hidden & Dangerous, one of the pioneering tactical first/third person shooters, and its follow-up Hidden & Dangerous 2 in 2003.

In 2004, Take-Two paid US$22.3 million to Infogrames for the rights to the Civilization series.[5][6]

2005-present

In 2005, Take-Two began a host of acquisitions, spending more than US$80 million buying game developers.[7] It bought for US$32 million the development studios Visual Concepts and Kush Games, for US$11.4 million Gaia Capital Group and for around US$11.8 million the studio Irrational Games, which developed Freedom Force vs the 3rd Reich. Take-Two formed the publishing companies 2K Games and 2K Sports to manage a group of newly acquired development studios, and publishing deals with a variety of other well known studios. As part of the creation of 2K Sports, Take-Two acquired from Sega the rights to the ESPN 2K sports games created by Visual Concepts (football and basketball) and Kush Games (baseball and hockey); when announced, Take-Two renamed the franchise to omit "ESPN" from the titles. Then in November, Take-Two acquired Firaxis for US$27 million including possible performance bonuses.[8] At the annual meeting on March 29, 2007, Take-Two investors ousted five of six board members.[9]

In February 2007 Ryan Brant pleaded guilty to falsifying business records. He faced up to four years in prison and received a lighter sentence by agreeing to cooperate in a plea agreement to cooperate with prosecutors.[10] The charges stemmed from 2005 when the U.S. Securities and Exchange Commission alleged in a lawsuit that Brant, the company's head of sales Robert Blau, and its former chief financial officers Larry Muller and James David Jr., inflated revenue in fiscal years 2000 and 2001. In March, 2007, ZelnickMedia staged a takeover of the company together with some of Take-Two Interactive's largest investors.[11]

On May 22, 2007, Oasys Mobile signed a deal to bring several of the Sid Meier licenses to the mobile market. The original Sid Meier games are developed by Take-Two's company Firaxis Games. Oasys will be bringing these games to the mobile market some time in 2008.[12] In March 2007, Take-Two filed a lawsuit against Jack Thompson, to prevent him from filing a public nuisance complaint in Florida court as he did with Bully.

On September 8, 2008, they entered into an outsourcing agreement with Ditan Distribution LLC. Ditan assumes the responsibility for the pick, pack, ship and warehousing functions for Take-Two's publishing and distribution businesses previously handled by Take-Two's Jack of All Games subsidiary. The agreement allows Jack of All Games, to primarily sell third-party products, to focus on purchasing, sales and service for their customers.[13] In September 2009, following a lawsuit, Take-Two Interactive were forced to pay a US$20 million settlement for an inclusion of a sex mini-game that was included in Grand Theft Auto: San Andreas. On December 21, 2009, they sold Jack of All Games to SYNNEX Corporation.[14] In May 2007, the UFC filed a lawsuit against the company over the video game they created for the organization.[15] In 2010, Ben Feder stepped down as CEO, and was replaced by executive chairman Strauss Zelnick.[16]

In January 2013, while being dissolved, THQ sold the rights of the WWE wrestling games series to Take-Two.[17]

In March 2013, Karl Slatoff, chief operating officer of Take-Two Interactive, revealed that the company has an "extensive pipeline of unannounced titles in development," along with the announced Grand Theft Auto V and Agent games in development. While he did not share any further information regarding the game, he did mention that the Red Dead, Mafia, Borderlands, L.A. Noire and Max Payne franchises as being important to the company.[18]

On December 2013, former Marvel editor-in-chief Bill Jemas announced that he had joined Take-Two to start a "graphic fiction imprint".[19]

Attempted takeover by Electronic Arts

In mid-February 2008, rival game company Electronic Arts (EA) made a US$25 per share all cash transaction offer to the board of Take-Two, subsequently revising it to US$26 per share after being rejected and making the offer known to the public.[20] Rumors of a buyout had been floating around the internet several weeks prior.[21] Stocks went up by 54% on Monday, following the Sunday announcement, closing over the US$26 offer price, whilst EA's own stock prices went down by 5%, the largest loss in over a year.[22]

According to Game Informer's April 2008 issue, EA CEO John Riccitiello said that EA considered a deal for Take-Two in the previous spring but axed it at the last minute. Take-Two's board of directors declined the cash deal. However, EA was still pursuing the acquisition of Take-Two, stating in a letter, "If you are unwilling to proceed on that basis, however, we may pursue other means, including the public disclosure of this letter, to bring our offer and the compelling value it represents to the attentions of Take-Two's shareholders." Later, Take-Two released a statement explaining why the company has rejected the offer, "In addition to undervaluing key elements of our business, EA's proposal fails to recognize the value we are building through our ongoing turnaround efforts, which will further revitalize Take-Two."

Take-Two offered to discuss the offer after Grand Theft Auto IV's release on April 29, 2008. An acquisition would have ended EA's main competition in sports video games.[23] The bid expired May 15, 2008, however EA extended the offer until June 16, 2008, at the same price of US$25.74 per share. Take-Two's position did not change and on September 14, 2008, EA announced that they decided to let the US$2 billion offer to buy Take-Two expire.

Subsidiaries

Current

Defunct

Sold

References

  1. ^ "Take-Two CEO resigns, chairman taking over". Gamespot. Retrieved November 16, 2010.
  2. ^ a b c d e "Financial Statements for Take-Two Interactive Software, Inc". Google Finance.
  3. ^ "Take-Two Interactive Software, Inc.: NASDAQ:TTWO quotes & news". Google Finance.
  4. ^ Sinclair, Brendan. "The History of Rockstar Games". Rockstarbase. Retrieved March 30, 2013.
  5. ^ Feldman, Curt (February 29, 1996). "Civilization sold off to mystery buyer — PC News at GameSpot". Gamespot.com. Retrieved March 24, 2009.
  6. ^ Thorsen, Tor (October 25, 2005). "Take-Two takes over Civilization — PC News at GameSpot". Gamespot.com. Retrieved March 24, 2009.
  7. ^ Sinclair, Brendan (January 31, 2006). "Take-Two reveals acquisition prices, hints at future lawsuits — PlayStation 2 News at GameSpot". Gamespot.com. Retrieved March 24, 2009.
  8. ^ "Take-Two SEC filings reveal further 'Hot Coffee' lawsuits // GamesIndustry.biz". Web.archive.org. December 19, 2007. Archived from the original on December 19, 2007. Retrieved December 14, 2010.
  9. ^ "Experts: Take-Two Coup a Governance Win — Breaking — Technology". Melbourne: theage.com.au. March 31, 2007. Retrieved March 24, 2009.
  10. ^ "Former Take-Two CEO gets probation — Crain's New York Business". Newyorkbusiness.com. August 1, 2007. Retrieved March 24, 2009.
  11. ^ "How Much to Hijack Grand Theft Auto?". frictionlessinsight.com. October 15, 2011. Retrieved October 17, 2011.
  12. ^ "Markets – Financial Market Summaries at SFGate". Finance.sfgate.com. Retrieved March 24, 2009.
  13. ^ "Take-Two Interactive Software, Inc. Enters Distribution Services Agreement with Ditan Distribution LLC". September 8, 2008.
  14. ^ "Take-Two Interactive Software, Inc. Enters into Agreement to Sell its Jack of All Games Distribution Business to SYNNEX Corporation". Business Wire. December 21, 2009. Retrieved December 14, 2010.
  15. ^ Sinclair, Brendan (May 23, 2007). "UFC calls out Take-Two". GameSpot. Retrieved March 24, 2009.
  16. ^ Fritz, Ben (October 29, 2010). "Take-Two chief executive exits, to be replaced by chairman Strauss Zelnick". Los Angeles Times. Retrieved October 31, 2010.
  17. ^ Goldfarb, Andrew (February 14, 2013). "Take-Two Confirms WWE Publishing Deal". IGN. Retrieved February 16, 2013. We can confirm that we have entered into an agreement to publish the WWE video game series that is developed by Yukes.
  18. ^ Makuch, Eddie (March 7, 2013). "Take-Two has 'extensive pipeline' of unannounced titles in development". GameSpot. Retrieved April 7, 2013.
  19. ^ Johnston, Rich (December 16, 2013). Bleeding Cool http://www.bleedingcool.com/2013/12/16/bill-jemas-joins-take-two-interactive-to-start-a-graphic-fiction-imprint/. Retrieved Januray 14, 2014. {{cite web}}: Check date values in: |accessdate= (help); Missing or empty |title= (help); Text "Bill Jemas Joins Take Two Interactive, To Start A “Graphic Fiction Imprint”" ignored (help)
  20. ^ Crecente, Brian (February 24, 2008). "Top: EA Makes Offer to Buy Take 2". Kotaku.com. Retrieved March 24, 2009.
  21. ^ McWhertor, Michael (December 20, 2007). "Take-two Interactive: Analyst "Convinced" That Take-Two Will Be Swallowed". Kotaku.com. Retrieved March 24, 2009.
  22. ^ "Electronic Arts plays risky game in bid for Take-Two". Financialpost.com. Archived from the original on May 8, 2008. Retrieved March 24, 2009.
  23. ^ "EA Makes Play For Take-Two Interactive". Gameinformer.com. February 25, 2008. Archived from the original on April 30, 2008. Retrieved March 24, 2009.
  24. ^ "About 2K". 2K Games. Retrieved December 14, 2010.
  25. ^ Annual report of Illusion Softworks, a.s. for 2007, auditor BDO Prima Audit s.r.o. (at the end of 2007 the sole owner of Illusion Softworks, a.s. was Kush Games, Inc.)
  26. ^ Gilbert, Ben (April 15, 2010). "2K Marin working on XCOM, '2K Australia name is no longer used'". Joystiq. Retrieved December 14, 2010.
  27. ^ "Take-Two Licensing, Inc". MobyGames. September 11, 2000. Retrieved December 14, 2010.
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