Xbox Family - T2 Completes Business Review and Announces Plans

T2 Completes Business Review and Announces Plans

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Written by Austin Cox

Thursday, 02 October 2008

Page 1 of 2

Take-Two has decided, after great review and many man hours spent on details, that it's in the best interest of the stock holders and the board itself to continue operating the way it has... independently. Official press release follows:

New York, NY – October 2, 2008 – 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."

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