Looks like Take Two has decided to divest itself from the video game acessories business by selling of it’s subsidiary Joytech to the evil empire of accessories - Mad Catz. So looks like Mad Catz will strengthen their accessory monopoly while Take Two will focus more on games, which I think is good. Take Two needs to go make more Bioshock’s and not worry about controllers, go and be quick about it.
From the press release:
New York, NY - September 7, 2007 - Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that it has sold substantially all of the assets of its wholly owned Joytech video game accessories subsidiary to Mad Catz Interactive, Inc. (AMEX/TSX: MCZ). The Joytech sale reflects Take-Two’s previously announced plans to divest its non-core businesses.
“The sale of the Joytech assets is consistent with one of the key goals we established in our 100 Day Plan: to develop strategic alternatives for any operations that we determined to be outside our core publishing business,” said Ben Feder, Take-Two’s Chief Executive Officer. “We are particularly pleased that we accomplished this goal in a manner that will allow substantially all of our Joytech employees in the U.S. and U.K. to join Mad Catz, which is a highly respected provider of video game peripherals.”The Joytech sale is not expected to be material to Take-Two’s financial results.
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Write a Comment»I hope with not having to deal with joytech Take Two will produce better games. N’ Mad Katzz better come out with some beast accesories now, especially for my baby (360).
Anything that helps Take Two makes me happy, since Take Two is Rockstar’s parent company. Rockstar = GTA, which = me very happy!