All articles tagged with #take two interactive software
Take-Two Interactive Software, the company behind Grand Theft Auto, is set to lay off 5% of its workforce and cancel several projects in a cost-saving initiative, expecting expenses of up to $200 million, including $140 million from canceled projects and $35 million in employee-related costs.
Take-Two Interactive Software, Inc. has announced its acquisition of The Gearbox Entertainment Company for $460 million in newly issued shares of Take-Two common stock, deepening its relationship with Gearbox and expanding its portfolio of intellectual property, including the Borderlands franchise. The acquisition is expected to be completed in the first quarter of Take-Two’s Fiscal Year 2025 and will see Gearbox operate as a studio within 2K, led by Founder and CEO Randy Pitchford. The move aims to leverage the full resources of Take-Two across Gearbox’s initiatives and future projects, with incremental opportunities to invest in new projects and expand proven franchises.
Rockstar Games, owned by Take-Two Interactive Software, has announced the release of a new "Grand Theft Auto" game, with the first trailer set to be released in early December. The upcoming title will mark the sixth installment in the franchise, following the success of "Grand Theft Auto V" which generated over $1 billion in retail sales within three days of its release. Take-Two's stock price rose nearly 6.5% on the announcement, and the company's second-quarter results will be discussed in a conference call later today.
Strauss Zelnick, CEO of Take-Two Interactive Software, is known for his intense fitness regimen and has been credited with getting Silicon Valley executives into shape. Zelnick hits the gym twice a day and has turned business meetings into weightlifting sessions. He has written a book on fitness and longevity, leads a 6 a.m. workout squad called The Program, and encourages his employees to stay fit.
Take-Two Interactive Software, the video game publisher, reported mixed Q4 results and gave soft guidance for the current year. However, it predicted big sales growth next year and expects to enter its next growth phase in fiscal 2025, with momentum carrying into fiscal 2026. The company owns popular game franchises such as "Grand Theft Auto," "Red Dead Redemption," and "NBA 2K." The stock jumped 9.1% in after-hours trading.
Take-Two Interactive Software's Q4 earnings were mixed, but the company's strong game pipeline, including the highly anticipated Grand Theft Auto VI, has led to a surge in its stock price as investors see potential for future growth.