"Grand Theft Auto IV" raked in more than $500 million in its first week in stores, selling more than 6 million units worldwide, the video game's publisher said Wednesday.
The highly anticipated title from Take-Two Interactive Software Inc. has received stellar ratings along with criticism for its violent content. The game follows Eastern European immigrant-turned gangster on crime missions around a fictional Liberty City.
The title sold about 3.6 million units on April 29, its opening day, bringing in roughly $310 million. This is $10 million more than what Microsoft Corp.'s "Halo 3," another blockbuster game, took in during its first week last fall.
New York-based Take-Two is the subject of a $2 billion hostile buyout from larger rival Electronic Arts Inc., which Take-Two has repeatedly rebuffed as too low.
Take-Two's shares were recently trading at $26.39, above EA's tender offer of $25.74 per share, which expires May 16. Unless EA is willing to offer more, it seems "increasingly possible" the acquisition attempt could unravel, Janco Partners analyst Mike Hickey said in a note to investors.
Wedbush Morgan's Michael Pachter disagrees, however, saying the game's sales were well within his expectations.
"I don't think it changes the value of the company," he said. "I think we are going to end up with a Microsoft-Yahoo situation," with Take- Two Chairman Strauss Zelnick believing the company is worth more and EA chief John Riccitiello disagreeing.
Three months after it first made an offer, Microsoft dropped its $47.5 billion bid for Yahoo Inc. over the weekend after the companies couldn't agree on a price.
Pachter said he expects the game to sell 12 million copies by the end of 2008. GTA's previous versions have sold more than 70 million copies worldwide.
http://news.yahoo.com/s/ap/20080507/ap_ … ft_auto_iv
The highly anticipated title from Take-Two Interactive Software Inc. has received stellar ratings along with criticism for its violent content. The game follows Eastern European immigrant-turned gangster on crime missions around a fictional Liberty City.
The title sold about 3.6 million units on April 29, its opening day, bringing in roughly $310 million. This is $10 million more than what Microsoft Corp.'s "Halo 3," another blockbuster game, took in during its first week last fall.
New York-based Take-Two is the subject of a $2 billion hostile buyout from larger rival Electronic Arts Inc., which Take-Two has repeatedly rebuffed as too low.
Take-Two's shares were recently trading at $26.39, above EA's tender offer of $25.74 per share, which expires May 16. Unless EA is willing to offer more, it seems "increasingly possible" the acquisition attempt could unravel, Janco Partners analyst Mike Hickey said in a note to investors.
Wedbush Morgan's Michael Pachter disagrees, however, saying the game's sales were well within his expectations.
"I don't think it changes the value of the company," he said. "I think we are going to end up with a Microsoft-Yahoo situation," with Take- Two Chairman Strauss Zelnick believing the company is worth more and EA chief John Riccitiello disagreeing.
Three months after it first made an offer, Microsoft dropped its $47.5 billion bid for Yahoo Inc. over the weekend after the companies couldn't agree on a price.
Pachter said he expects the game to sell 12 million copies by the end of 2008. GTA's previous versions have sold more than 70 million copies worldwide.
http://news.yahoo.com/s/ap/20080507/ap_ … ft_auto_iv