New York, NY– May 7, 2008– Take-Two Interactive Software, Inc. (NASDAQ: TTWO), said today that Grand Theft Auto IV has surpassed all-time entertainment records for day one and week one sales by dollar value. Released on Tuesday, April 29th, Grand Theft Auto IV, the critically acclaimed video game, has sold through to consumers approximately 6 million units globally with an estimated retail value of more than $500 million in the first week. Grand Theft Auto IV sold approximately 3.6 million units on its opening day with a retail value of approximately $310 million globally.
"We knew Grand Theft Auto IV would break new ground in terms of the player's experience, with its compelling story line, extraordinary gameplay and action that ranges over a broad urban canvas. Now, it has broken sales and rating records as well. Grand Theft Auto IV's first week performance represents the largest launch in the history of interactive entertainment, and we believe these retail sales levels surpass any movie or music launch to date. We congratulate the entire Rockstar team on creating a must-have experience that takes the legendary Grand Theft Auto franchise to a new level," said Strauss Zelnick, Chairman of Take-Two.
"Rockstar's goal is to make each new title in the Grand Theft Auto franchise even better than those that preceded it, and Grand Theft Auto IV is a smashing success on that score. Grand Theft Auto IV makes full use of the power of next generation technology, and offers players an experience unique in the interactive entertainment medium. This game sets a new standard in the industry, with critics hailing it as both an artistic and technological masterpiece," said Ben Feder, Take-Two's Chief Executive Officer.
Developed by series creator Rockstar North, Grand Theft Auto IV for the Xbox 360® video game and entertainment system from Microsoft and PLAYSTATION®3 computer entertainment system is rated "M" for Mature. For more information, log onto www.rockstargames.com/IV.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a global developer, marketer, distributor and publisher of interactive entertainment software games for the PC, PLAYSTATION®3 and PlayStation®2 computer entertainment systems, PSP® (PlayStation®Portable) system, Xbox 360® and Xbox® video game and entertainment systems from Microsoft, Wii™, Nintendo GameCube™, Nintendo DS™ and Game Boy® Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games, 2K Sports and 2K Play, and distributes software, hardware and accessories in North America through its Jack of All Games subsidiary. Take-Two's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com.
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Important Legal Information
In connection with the tender offer commenced by Electronic Arts Inc., the Company has filed with the Securities Exchange Commission a Solicitation/Recommendation Statement on Schedule 14D-9. The Company's stockholders should read carefully the Solicitation/Recommendation Statement on Schedule 14D-9 (including any amendments or supplements thereto) prior to making any decisions with respect to Electronic Arts' tender offer because it contains important information. Free copies of the Solicitation/Recommendation Statement on Schedule 14D-9 and the related amendments or supplements thereto that the Company has filed with the SEC are available at the SEC's website at www.sec.gov. This communication does not constitute an offer to sell or invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to Electronic Arts' tender offer or otherwise.
This press release may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These risks and uncertainties include the matters relating to the Special Committee's investigation of the Company's stock option grants and the restatement of our consolidated financial statements. The investigation and conclusions of the Special Committee may result in claims and proceedingsrelating to such matters, including previously disclosed shareholder and derivative litigation and actions by the Securities and Exchange Commission and/or other governmental agencies and negative tax or other implications for the Company resulting from any accounting adjustments or other factors. Further risks and uncertainties associated with Electronic Arts' tender offer to acquire the Company's outstanding shares are as follows: the risk that key employees may pursue other employment opportunities due to concerns as to their employment security with the Company; the risk that the acquisition proposal will make it more difficult for the Company to execute its strategic plan and pursue other strategic opportunities; the risk that the future trading price of our common stock is likely to be volatile and could be subject to wide price fluctuations; and the risk that stockholder litigation in connection with Electronic Arts' tender offer, or otherwise, may result in significant costs of defense, indemnification and liability. Other important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2007, in the section entitled "Risk Factors," as updated in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2008, in the section entitled "Risk Factors." All forward-looking statements are qualified by these cautionary statements and are made only as of the date they are made.
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