Take-Two have revealed that they will continue to remain an independent company. During the protracted acquisition and partnership discussions with EA, which ultimately came to no conclusion, Take-Two have been speaking with other interested parties that could potentially acquire or invest in Take-Two in the future. Take-Two have concluded these discussions to remain independent.

Take-Two, the house that Grand Theft Auto built, feels confident in its abilities and future properties - enough so that they don’t need to be owned by anyone. Take-Two board chairman, Strauss Zelnick, explained Take-Two’s position:

“We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry… We remain focused on maximising value for stockholders and are executing on our business strategies in a determined manner.” Take-Two CEO, Ben Feder, cemented these statements:

“Take-Two’s recent performance demonstrates our potential to create value for the long term. We have delivered solid financial results and expanded our portfolio of leading titles, which includes the powerful Grand Theft Auto franchise, as well as 15 other wholly owned brands with sales of more than one million units each.”

“Our strong cash position - with no debt and an undrawn USD140 million credit facility - gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect.”

While the news that EA was pulling out of its acquisition bid for Take-Two (2K) was a little surprising, it wasn’t unexpected, but it seems as though 2K shareholders were caught unawares. 2K’s share price has been humming around the $25/$26 mark for a while, spiking up to around $27 per share following the release of Grand Theft Auto IV.

Now, after the talks between EA and 2K broke down, 2K’s share price has fallen to around $16, a drop of over 20%, which is, coincidently, around about equal to the share price before EA began its acquisition campaign, revealing that 2K shareholders were quite eager for the company to reach an agreement with EA.

We are probably yet to see the fallout from this debacle, as it’s possible shareholders will take legal action against 2K for their inability to secure a deal.

To the surprise of no-one, Grand Theft Auto IV, the biggest videogame blockbuster this side of MGS4, has sold 10 million copies worldwide. This has undoubtedly lead to a record third quarter for Take-Two, GTA’s publisher, although there were other games that helped achieve that goal, as Take-Two CEO, Ben Feder, pointed out:

“I’m extremely pleased with our strong position heading into the holiday season”, said Feder. “Our world-class holiday portfolio includes Grand Theft Auto IV, Top Spin 3, Sid Meier’s Civilization Revolution, and Carnival Games, as well as upcoming hits such as Midnight Club: Los Angeles, BioShock for PS3, and a range of sports titles.”

Take-Two’s third quarter sales were up to $433.8 million, compared to $206.4 million during the same period last year. Profits, on the other hand, were up to $51.8 million, compared to a loss of $58.5 million last year.

Take-Two aren’t yet content with the GTA IV numbers, though, as they are planning an advertising campaign to take advantage of the holiday season, as well as the expected increase in hardware sales over the next few months. The hardware manufacturers are said to be “planning to support GTA IV in a major way,” said Feder.

After EA’s initial acquisition bid for Take-Two (2K) in February, the proposal has expired and been re-issued almost half a dozen times, all the while 2K board chairman Strauss Zelnick maintaining that EA’s offer undervalued 2K and thus denied it every time.

EA’s last bid, however, has recently expired and they will not be seeking a renewal of the hostile takeover plan. EA’s goal with the acquisition would have been to gain distribution of 2K’s titles before Christmas. They believe now that they have ‘crossed a threshold’ in terms of the time necessary to make all of the arrangements before 2K’s Christmas line-up (October to December) goes on shelves.

Instead, EA will enter into private talks with 2K management who are expected to present EA with an outline of their true value. These talks may still lead to an acquisition of 2K by EA, or they may result in a different deal altogether, if any agreement is made at all.

2K chairman Strauss Zelnick said, “We welcome EA into our formal process and look forward to demonstrating to their Board the significant strides made by Take-Two since they last undertook a detailed review of our business in early 2007”.

Take Two CEO Ben Feder added, “We are continuing to consider all alternatives that will maximize value to our stockholders.”

Take Two has announced that it will be publishing Cryptic Studios’ MMO Champions Online under its 2K Games label. The publisher also revealed that Champions Online is being developed for the Xbox 360 and PC. The game is scheduled to be released in Spring of 2009.

Cryptic Studios are well known for creating the City of Heroes and City of Villains MMO titles. Champions Online will be based on the Champions pen-and-paper RPG. It will enable players to customize their experience and explore a vast comic book universe.

“2K Games is excited to work with such a talented group as Cryptic Studios,” said Christoph Hartmann, president of 2K. “Given their stellar pedigree and amazing grasp of the MMO genre, we are confident that Champions Online will deliver an innovative and exciting action MMO experience to gamers.”

“2K Games is a terrific publishing partner for Champions Online,” said John Needham, CEO of Cryptic Studios. “Cryptic is proud that Champions Online will be 2K’s first MMO title and we look forward to working together towards a tremendous launch next year.”

Megarom has acquired the rights to distribute Take-Two video games in South Africa.

This is great news for South African gamers because Take-Two’s line-up includes top titles for the PS3, PS2, PSP, Xbox 360, Wii, Nintendo DS and PC.

The fact that Take-Two owns Rockstar Games, 2K Games, 2K Sports and 2K Play is a great sign of things to come with top franchises including Grand Theft Auto, Sid Meier’s Civilization, Max Payne, Manhunt, Bioshock and Top Spin.

Top titles from Take-Two include GTA IV, Top Spin 3, Don King Presents: Prizefighter, Sid Meier’s Civilization Revolution, Mafia II and Bioshock.

EA has extended its tender offer to acquire Take-Two’s outstanding shares for a fourth time.

Take-Two once again responded negatively to EA’s offer. “The latest extension of EA’s unsolicited, highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares,” said Strauss Zelnick, Chairman of the Board of Take-Two.

As of the 16th of June 6 139 824 of Take-Two’s outstanding shares, roughly 7.9% of the total, had tendered into EA’s offer.

Zelnick continued “Our Board of Directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the Board continues to recommend that stockholders not tender their shares to EA. The Board remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximize value. We believe that these alternatives, which may include a business combination or remaining independent, will deliver greater value to stockholders than the current EA offer.”

Ben Feder, Chief Executive Officer, commented, “Take-Two’s vast potential to create and enhance stockholder value has become even more evident in recent weeks, with the runaway success of Grand Theft Auto IV, a product pipeline that is one of the strongest and most creative in our history, and continued operational and financial progress. We believe that any alternative we consider must fully reflect the value we are creating and capture that value for the benefit of our stockholders.”

The latest financial results from Take Two have revealed that Rockstar Games’ Grand Theft Auto IV has sold approximately 8.5 million units as at the 31st of May 2008, with shipment to retail now at 11 million.

GTA IV was released on the 29th of April and broke records by selling about 6 million copies worldwide in the first week valued at $500 million.

Take Two’s financial results for its second quarter ending the 30th of April 2008 showed that net revenue was $539.8 million, up from $205.4 million for the same period last year. Net income was $98.2 million, up from last year’s net loss of $51.2 million.

Downloadable episodic content for the Xbox 360 of GTA IV will be released during the first quarter of Take-Two’s 2009 fiscal year which runs from November to January.

2K Games has announced that a “genetically-enhanced” version of BioShock is in development for the PS3 at 2K Marin. The PS3 version of BioShock will include new features and content and will be released in October 2008.

This means the PS3 version will be arriving roughly a year after the game’s debut on the Xbox 360 in 2007. 2K Marin is also currently developing BioShock 2. The title is expected to be released in the fourth quarter of Take Two’s 2009 fiscal year but platforms have not yet been announced although it is rumoured to be heading to both the Xbox 360 and PS3.

“Since BioShock for Xbox 360 and Games for Windows won countless 2007 Game of the Year awards, we are excited to see the impact of this stellar title for the PlayStation 3 system when it debuts this fall,” said Christoph Hartmann, president of 2K.

“Over the coming months we look forward to revealing the new features and content that will make this a must-have game for its new audience, as well as for those who enjoyed it on the other platforms.”

Read El33tonline’s review of BioShock for the Xbox 360.

Earlier in the year Take Two announced that Bioshock 2 would be released in the fourth quarter of its 2009 fiscal year.

While BioShock was released exclusively on the Xbox 360, the initial announcement for next-generation consoles along with a job posting on developer 2K Marin’s website soon suggested that BioShock 2 might be headed to the PS3 as well as the 360.

The July magazine cover of UK-based PlayStation gaming magazine ‘PSM3’ has confirmed that BioShock 2 is heading to the PS3. First spotted by Computer & Video Games, the cover of the magazine reads “Proof why Xbox’s best shooter is better on PS3” although details of the PS3 version are still scant.

According to 1UP, the July issue of EGM also confirms the underwater shooter is heading to the PS3. IGN is reporting that 2K Games has confirmed that “BioShock is in development for the PlayStation 3.”

Read El33tonline’s review of BioShock for the Xbox 360.

Following the launch of GTA IV at the end of last month Rockstar Games and Take Two announced that it had sold 6 million units worldwide amounting to a retail value of over $500 million in the first week.

Strauss Zelnick, Chairman of Take Two said “Grand Theft Auto IV’s first week performance represents the largest launch in the history of interactive entertainment, and we believe these retail sales levels surpass any movie or music launch to date.”

Guinness World Records yesterday confirmed Take Two’s claims with the announcement that Grand Theft Auto IV has taken its place among the greats in the Guinness World Records.

GTA IV sold 3.6 million units worth $310 million in its first day of release. These sales figures have earned it the Guinness World Records for the Highest Grossing Video Game in 24 Hours and the Highest Revenue Generated by an Entertainment Product in 24 Hours.

These records make GTA IV the most profitable entertainment release of all-time, surpassing the releases of other video games, films and books.

According to Guinness World Records, Halo 3 was the fastest-selling video game in 24 hours with $170 million while Spider-Man 3 racked up $60 million to become the best-selling theatrical movie in 24 hours and Harry Potter and the Deathly Hallows is the fastest-selling book in 24 hours with $220 million.

Shortly after Microsoft announced that the Xbox 360 version of GTA IV had outsold the PS3 version in the UK, Microsoft’s Gamerscore blog announced that the Xbox 360 had also triumphed in the US.

According to Microsoft sales data from last week, sales of the Xbox 360 console at retail increased by 54% week-over-week as a result of GTA IV. Microsoft cites retailer reports that “more than 60% of all GTA games sold in the first week were the Xbox 360 version.” In addition information from retailers suggests that approximately 40% of new consoles are selling with a copy of GTA IV.

The blog post also reveals that over 2.3 million people played GTA IV on Xbox Live in the first week leading to the game now ranking as the number one played game on Xbox Live. The Xbox Live service reached 1 million concurrent users over the weekend while over 12 million achievements worth over 100 million gamerscore points in GTA IV have been unlocked.

The game has also set a new record for time played, the average gamer spent over four hours playing GTA IV on Xbox Live in the first week.

Microsoft has announced that the Xbox 360 version of Grand Theft Auto IV has outsold the PS3 version in the UK. The Xbox 360 version sold over 100 000 copies in the UK, 20% more than the PS3 version, since GTA IV was released last Tuesday the 29th of April.

According to data released by ELSPA/Chart Track, the Xbox 360 version of GTA IV sold 514 000 copies in the UK in week one while the PS3 version of the game sold 413 000 copies. Microsoft also pointed out that sales of the Xbox 360 console increased by 125%.

Earlier in the week Chart Track announced that GTA IV sold 926 000 copies (£39.9 million) in its first week in the UK. The title debuted at the top of the chart as the biggest All Formats number 1 ever, after selling an estimated 631 000 copies in the first 24 hours.

In the meantime GTA IV has also racked up the title of most-played game on Xbox Live. As of the 4th of May over 9.7 million hours of GTA IV online multiplayer have been logged on Xbox Live while more than 31 million hours have been spent playing the game overall.

Xbox 360 owners can also look forward to exclusive downloadable episodes via Xbox Live this autumn.

“Today it has become clear that consumers are finding Xbox 360 the best way to experience Liberty City and we expect this trend to continue, especially with exclusive Grand Theft Auto IV episodes coming to Xbox 360 in the Autumn,” said Chris Lewis, Vice President, Interactive Entertainment Business, Microsoft EMEA.

“Grand Theft Auto has a new home on Xbox 360, and consumers are discovering how our platform can enhance the experience like no other.”

Rockstar Games’ Grand Theft Auto IV was released last week Tuesday, the 29th of April. Today Take Two announced that it has broken entertainment records for day one and week one by dollar value.

GTA IV has sold an estimated 6 million units worldwide, amounting to a retail value of over $500 million in the first week. It sold approximately 3.6 million units on its opening day, racking up $310 million worldwide.

Earlier in the week Chart Track announced that GTA IV sold 926 000 copies (£39.9 million) in its first week in the UK. The title debuted at the top of the chart as the biggest All Formats number 1 ever, after selling an estimated 631 000 copies in the first 24 hours.

Must-have experience

“We knew Grand Theft Auto IV would break new ground in terms of the player’s experience, with its compelling story line, extraordinary gameplay and action that ranges over a broad urban canvas. Now, it has broken sales and rating records as well,” said Strauss Zelnick, Chairman of Take-Two.

“Grand Theft Auto IV’s first week performance represents the largest launch in the history of interactive entertainment, and we believe these retail sales levels surpass any movie or music launch to date. We congratulate the entire Rockstar team on creating a must-have experience that takes the legendary Grand Theft Auto franchise to a new level.”

Ben Feder, Take-Two’s Chief Executive Officer commented “Rockstar’s goal is to make each new title in the Grand Theft Auto franchise even better than those that preceded it, and Grand Theft Auto IV is a smashing success on that score.”

“Grand Theft Auto IV makes full use of the power of next generation technology, and offers players an experience unique in the interactive entertainment medium. This game sets a new standard in the industry, with critics hailing it as both an artistic and technological masterpiece.”

Grand Theft Auto IV is currently available for the Xbox 360 and PS3.

Take Two has announced that it will be releasing Bioshock 2 in quarter 4 of its 2009 financial year. Platforms for the game have not yet been announced.

Take Two Chairman Strauss Zelnick confirmed that 2K Marin would be developing the game. Bioshock was originally developed by 2K Boston and 2K Australia (formerly Irrational Games), but Ken Levine, the creative director of the original game, and 2K Boston will be involved in the project as well as behind the development of a new IP.

According to Take Two, Bioshock has sold more than 2 million units worldwide since its release in August 2007 on the Xbox 360 and PC.