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Big Loot From Grand Theft
by Portfolio Staff
May 7 2008
May 7 2008
Blockbuster sales could determine Take-Two's future.
Industry:
Technology
Summary:
The Company is a global publisher, developer and distributor of entertainment software, hardware and accessories.
Primary executive:
Benjamin Feder,
Did Grand Theft Auto IV live up to the hype? Oh, yeah.
Its maker,
Take-Two Interactive Software, says that it sold 6 million of the videogames the week of April 29, and 3.6 million games on its first day.
That totals more than $500 million in global sales, easily surpassing the record of more than $400 million by Microsoft's Halo 3 in September. Some analysts expect sales of the $59.99 game to top 10 million this year.
That is vital for Take-Two, which has recorded two years of losses.
"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," said Strauss Zelnick, chairman of Take-Two.
And the success of Grand Theft could determine the next step in a $2 billion hostile-takeover effort being waged by rival Electronic Arts.
Matt Richtel of the New York Times said, "If Take-Two can exceed sales expectations on Grand Theft Auto IV, it has the potential to drive up the share price and force Electronic Arts to raise its offer."
Or Electronic Arts may decide it is too expensive and walk away.
Its maker,
Take-Two Interactive Software, says that it sold 6 million of the videogames the week of April 29, and 3.6 million games on its first day. That totals more than $500 million in global sales, easily surpassing the record of more than $400 million by Microsoft's Halo 3 in September. Some analysts expect sales of the $59.99 game to top 10 million this year.
That is vital for Take-Two, which has recorded two years of losses.
"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," said Strauss Zelnick, chairman of Take-Two.
And the success of Grand Theft could determine the next step in a $2 billion hostile-takeover effort being waged by rival Electronic Arts.
Matt Richtel of the New York Times said, "If Take-Two can exceed sales expectations on Grand Theft Auto IV, it has the potential to drive up the share price and force Electronic Arts to raise its offer."
Or Electronic Arts may decide it is too expensive and walk away.
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