Take-Two stock increases after shareholder revolt

Posted Mar 30, 2007 at 12:36PM EST by QJ Staff

Listed in: News, Titles Tags: Associated Press, New York, Take-Two Interactive

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The Associated Press reports that a shareholder revolt at Take-Two Interactive Software Inc. this week "offed nearly as many executives as virtual characters in the video game company's violent titles," and that this shareholder revolt of sorts has led to the increase of Take-Two's stock.

Strauss Zelnick, former chief executive of BMG Entertainment, is the company's new non-executive Chairman. Ben Feder, formerly a senior executive at News Corp., a global media conglomerate, is set to replace Pal Eibeler, to former CEO and president of Take-Two.

The Associated Press article then decided to give some folks who are not so pleased with the content that Take-Two has distributed some focus. The article goes on to cover the many facets of videogame violence and the problems Take-Two has with Child Advocacy groups and legislators who are displeased with the content they release.

Yes, a whole lot of quotes from CEOs of non-profit organizations, some snippets of info about Hot Coffee, and descriptions of Grand Theft Auto and Bully that portray the titles as gore fests and not environments that give players the freedom to act irreverently.

Perhaps Take-Two's woes has more to do with management than with their content. It can be recalled that Take-Two's former chairman and CEO, Ryan A. Brant, became the first chief executive to be convicted of backdating stock options. The exec pleaded guilty last February in a New York state court to first-degree falsification of business records in a deal that lets him avoid incarceration. How GTA-esque.

Video game industry analyst Tom Gardner, CEO of Alexandria, Va.-based investment company The Motley Fool, notes:

Sometimes institutions play football with small public companies, and they can inflict a lot of damage if companies don't have a large enough ownership stake to protect against institutions that squeeze out profits in the near term.

...But in this case, the institutions look quite good: You have backdated options, hidden porn, accounting issues and mismanagement. You have management that was at best incompetent and at worst dishonest.

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Take-Two stock increases after shareholder revolt

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