Take-Two Interactive's CEO stepping down, shares rise

[The Living Legend]

http://mobile.reuters.com/article/technologyNews/idUSTRE69S25J20101029

Take-Two Interactive's CEO stepping down, shares rise

Fri, Oct 29 17:21 PM EDT

By Liana B. Baker

NEW YORK (Reuters) - Take-Two Interactive Software Inc, the video game publisher best known for "Grand Theft Auto," said Chief Executive Ben Feder will step down and be replaced by Strauss Zelnick, the company's executive chairman.

Shares jumped more than 5 percent after the announcement, an increase that one analyst attributed to speculation that the management change could set the stage for an acquisition of Take-Two. Take-Two's shares closed up 4.7 percent, or 48 cents, at $10.67 on Nasdaq.

"One could speculate this is an early signal that the company is getting closer to ultimately being taken out," said Sterne Agee analyst Arvind Bhatia.

Activist investor Carl Icahn has taken a nearly 14 percent stake in the game publisher. In 2008, Electronic Arts attempted a hostile takeover of the company.

Take-Two Interactive declined to comment on the rumors. "It's our policy not to comment on rumors, speculation, analyst reports or stock movements," spokesman Alan Lewis said.

Other analysts dismissed the rumors and called them unfounded.

"People are incorrectly inferring that for some reason this puts the company in play as a potential acquisition target," said Todd Mitchell, a Kaufman Bros analyst.

Take-Two also said that Karl Slatoff, an executive vice president since 2008, will become chief operating officer, a newly created role. Slatoff is a partner at Zelnick Media, the private equity firm that manages Take-Two.

"Karl's background is in strategic planning for Zelnick Media so I'm wondering if Take-Two is trying to keep the (acquisition) option open," Bhatia said.

Feder, 46, had been CEO for almost four years and will work until January 1, 2011, the company said on Friday. He will be spending an extended period of time traveling in Asia with his family, the company said. Zelnick is 53.

(Reporting by Liana B. Baker; Editing by Gerald E. McCormick and Carol Bishopric)


I didnt know were else to post this, but i thought i would be important to all 2k players

[The Living Legend]

Re: Take-Two Interactive's CEO stepping down, shares rise

I am surprised there are no comments about this.

[Phreezy P]

Re: Take-Two Interactive's CEO stepping down, shares rise

**** GASP!!?!?!!!?! EA.... TAKE OVER.... TAKE TWO....

[The Living Legend]

Re: Take-Two Interactive's CEO stepping down, shares rise

It is not like they have not tried before as mentioned above, also i read that one of the developers from EA tweeted that big changes were coming. Elite Being Pulled, you never know, and i wouldn't put past EA from what 2k has done to them this year.

[blklightning]

Re: Take-Two Interactive's CEO stepping down, shares rise

**** GASP!!?!?!!!?! EA.... TAKE OVER.... TAKE TWO....

please god no. that would suck.

[Sam Marlowe]

Re: Take-Two Interactive's CEO stepping down, shares rise

I'm kind of in what and see mode on this one but I'll be honest- this is scary.

[12]

Re: Take-Two Interactive's CEO stepping down, shares rise

I think the writing is on the wall. It's just obvious to me - EA is going to acquire Take-Two. Maybe I'm wrong, but that's what I think. Looks like EA will be making baseball games again, so that's one positive I can see from this, but other than that, I don't know... NBA2K11 is such a polished product, and while it's not perfect, it's the best basketball game I've ever played and the hype has been deserved. Let's hope, if EA takes over, that they don't ruin a good thing.

We need competition in the video game market. Exclusive licenses have killed a great deal of sports gaming. It's really just too bad.

I guess we'll see where this goes but does anyone else see another scenario in play here that doesn't involve EA acquiring Take-Two?

[jon_superman]

Re: Take-Two Interactive's CEO stepping down, shares rise

Well to me there are a lot of things in play here, one would be who owns the NBA 2k engine and two would mike wang and company want to go to EA when he just came back from there, I think the only chance EA would have is if they bought the NBA license, I don't have a link but I am pretty sure I read an article that said Dan Houser didn't like EA's business practices and he wasn't gonna have GTA ripped away from him. I would also believe that there would be more than EA in play as well, I have read before that Ubisoft and Activision were interested last time this came up.

[blklightning]

Re: Take-Two Interactive's CEO stepping down, shares rise

why do people keep trying to take them over? they make a bunch of great games that sell well, so it's not like they're broke. hell, i didn't even know it was possible for another company to go out and take over another company against that company's will. that is just ****ed up. i mean, they can buy a controlling amount of stock. but that stock still needs to be sold. but why would take two agree to selling a controlling share? it would seem to me that one or two people are in possession of that amount of stock.

[osubeavs721]

Re: Take-Two Interactive's CEO stepping down, shares rise

why do people keep trying to take them over? they make a bunch of great games that sell well, so it's not like they're broke. hell, i didn't even know it was possible for another company to go out and take over another company against that company's will. that is just ****ed up. i mean, they can buy a controlling amount of stock. but that stock still needs to be sold. but why would take two agree to selling a controlling share? it would seem to me that one or two people are in possession of that amount of stock.

they do make some great games that sell well, but take two is broke.

[Goffs]

Re: Take-Two Interactive's CEO stepping down, shares rise

here we go again....though i think the outcome this time around will be bad :/

[osubeavs721]

Re: Take-Two Interactive's CEO stepping down, shares rise

here we go again....though i think the outcome this time around will be bad :/

maybe ubi soft or activision will buy take two and not ea? thats our only hope as sports gamers. I like some ea sports games still, but i want competition

[Rocboyz101]

Re: Take-Two Interactive's CEO stepping down, shares rise

Wait what? NOOOOO

[lasthour]

Re: Take-Two Interactive's CEO stepping down, shares rise

I hope Microsoft wakes up. This is bad real bad. The only reason you make this move is for the new systems and EXCUSIVE RIGHTS.

[The Living Legend]

Re: Take-Two Interactive's CEO stepping down, shares rise

Personally, The past and the way the pieces are unfolding it seems EA will be buying out Take Two. EA is one of the only companies that have the capital to afford the acquisition. EA spent the money to acquire the NFL license after being humiliated in the football market. And then finally EA pulling Elite from the shelves, EA developers saying big changes coming, then i read this article, it wouldn't shock me if EA follows suit. And that would be a sad day for all sport video game enthusiasts.