Take-Two being taken over |
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Investors in controversial videogames publisher and favorite lawsuit target Take-Two Interactive have revealed plans to take control of the board. Due to news of the planned management coup, the company's shares jumped 18%.According to the BBC News, documents filed with the US Securities and Exchange Commission revealed that the said investors will try to aim to oust chief executive Paul Eibeler and install Strauss Zelnick, ex-chief executive of BMG Entertainment (which, incidentally, sold its own gaming arm to Take-Two in 1998) as non-executive chairman.
The investors, who currently own 46% of Take-Two, also aim to review the position of chief financial officer, Karl Winters. Take-Two has been under fire for a string of financial irregularities. Last month, former Take-Two chief executive Ryan Brant was convicted of backdating stock options to increase their worth.
JP Morgan analyst Dean Gianoukos said that the change in management would be "a positive for the company, assuming key development personnel are retained." Elizabeth Osur of Citigroup concurred, saying that the move was "long overdue". Arvind Bhatia of Sterne, Agee & Leach warned, however, that Take-Two's problems could not be solved "overnight".
Via BBC News
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Comments [refresh]
So who's buying out take2? It can't be BMG... I'm pretty sure Sony bought them up ages ago.
Investors plan to take control of the board, boot the existing CEO and stick an ex-BMG CEO in his place. It doesn't say anything about BMG taking over.
Doesn't Sony own BMG? Then Sony would own Take-Two. Then they would have all the titles for themselves.
owns 50% of BMG and this portion is called Sony BMG, I believe. Wow, I wonder what this means in terms of the future of GTAIV. I guess they would not can development of it for the 360, but that means that for every 360 copy that sells, Sony get some money. What a weird thought.
Razz seems to be the only person who actually understands what has been written.
BMG are not taking over Take Two. A guy who used to work for BMG, but now works for Take Two, will be put into the role of chairman.