NEW YORK, Oct 02, 2008 (BUSINESS WIRE) -- Take-Two Interactive Software, Inc. (NASDAQ:TTWO) announced today that
it has completed its review of strategic alternatives for the Company.

Following detailed discussions with various interested parties over the
last five months, Take-Two's Board of
Directors has determined that it is in the best interests of
stockholders to conclude its review of strategic alternatives and to
continue operating and building Take-Two as an independent company.

"Take-Two's Board of
Directors and management have a clear mandate from stockholders to
maximize value," said Strauss Zelnick,
Chairman of the Board of Take-Two. "We are
strongly positioned creatively, financially and competitively to benefit
from the opportunities we see in the fastest growing segment of the
entertainment industry. Our management and outstanding and talented
employees have maintained an unwavering focus on our products and our
business through this lengthy strategic review process and we are
confident in our prospects. We remain focused on maximizing value for
stockholders and are executing on our business strategies in a
determined manner."

Ben Feder, Chief Executive Officer of Take-Two added, "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 $140 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."

About Take-Two Interactive Software

Headquartered in New York City, Take-Two Interactive Software, Inc. is a
global developer, marketer, distributor and publisher of interactive
entertainment software games for the PC, PLAYSTATION(R)3
and PlayStation(R)2 computer entertainment
systems, PSP(R) (PlayStation(R)Portable)
system, Xbox 360(R) and Xbox(R)
video game and entertainment systems from Microsoft, Wii(TM),
Nintendo GameCube(TM), Nintendo DS(TM)
and Game Boy(R) Advance. The Company publishes
and develops products through its wholly owned labels Rockstar Games, 2K
Games, 2K Sports and 2K Play, and distributes software, hardware and
accessories in North America through its Jack of All Games subsidiary.
Take-Two's common stock is publicly traded on NASDAQ under the symbol
TTWO. For more corporate and product information please visit our
website at www.take2games.com.
All trademarks and copyrights contained herein are the property of their
respective holders.

All trademarks and copyrights contained herein are the property of their
respective holders.

Important Legal Information

This press release may contain forward-looking statements made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The statements contained herein which
are not historical facts are considered forward-looking statements under
federal securities laws. Such forward-looking statements are based on
the current beliefs of our management as well as assumptions made by and
information currently available to them. The Company undertakes no
obligation to update any forward-looking statement, whether as a result
of new information, future events or otherwise. Actual results may vary
significantly from these forward-looking statements based on a variety
of factors. These risks and uncertainties include the matters relating
to the Special Committee's investigation of the Company's stock option
grants and the restatement of our consolidated financial statements. The
investigation and conclusions of the Special Committee may result in
claims and proceedings relating to such matters, including previously
disclosed stockholder and derivative litigation and actions by the
Securities and Exchange Commission and/or other governmental agencies
and negative tax or other implications for the Company resulting from
any accounting adjustments or other factors. In addition, further risks
and uncertainties associated with the Company's
recently concluded process to evaluate its strategic alternatives
include the risk that the future trading price of our common stock is
likely to be volatile and could be subject to wide price fluctuations;
and the risk that stockholder litigation in connection with the Company's
process to evaluate its strategic alternatives (including stockholder
litigation relating to Electronic Arts Inc.'stender offer to acquire
the Company's outstanding shares that expired on August 18, 2008) or
otherwise, may result in significant costs of defense, indemnification
and liability. Other important factors are described in the Company's
Annual Report on Form 10-K for the fiscal year ended October 31, 2007,
in the section entitled "Risk Factors," as updated in the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended July 31,
2008, in the section entitled "Risk Factors," and can be accessed at www.take2games.com.
All forward-looking statements are qualified by these cautionary
statements and apply only as of the date they are made. This
communication does not constitute an offer to sell or invitation to
purchase any securities or the solicitation of an offer to buy any
securities.

SOURCE: Take-Two Interactive Software, Inc.

Take-Two Interactive Software, Inc. 
Meg Maise, 646-536-2932 
meg.maise@take2games.com 
or 
Brunswick Group 
Steve Lipin / Nina Devlin 
212-333-3810 
taketwo@brunswickgroup.com

Copyright Business Wire 2008