Take-Two Spends Millions to Fend Off EA
Take-Two really doesn’t want EA in its pants, it seems, as the company has apparently spent millions to defend against the recent hostile takeover attempt by Electronic Arts. This comes from the company’s second quarter financial statement, which noted that it had spent “$5.3 million in professional fees and legal expenses, with the majority related to EA’s unsolicited tender offer.”
That expense will be easy to absorb for Take-Two, as the publisher pulled in profits of $98.2 million, a major improvements from its 2007 second quarter loss of $51.2 million. All this can be attributed to the blockbuster status of Grand Theft Auto 4, which has sold 8.5 million units to date; BioShock has also added to the profit by selling almost 2.2 million copies on PC and Xbox 360.