"Grand Theft Auto" first-week sales top $500 mln

By Franklin Paul

NEW YORK (Reuters) - Take-Two Interactive Software Inc scored over $500 million in global sales of criminal action game "Grand Theft Auto 4" in its first week, marking what it called one of the most lucrative entertainment events in history.

The video game publisher, which is facing an unsolicited takeover offer from rival Electronic Arts Inc, said Wednesday that it sold about 3.6 million units globally at the game's debut on April 29, and some 6 million units in total in the week.

Take-Two has held off on engaging EA until after the "GTA 4" launch, arguing the returns from that game should be a factor in its value.

Some analysts doubted the sales figure released on Wednesday would prod EA to offer much more than its $25.74 per share tender to shareholders. That offer expires on May 16.

Take-Two shares edged slightly higher on Wednesday morning, rising 5 cents to $26.40 on Nasdaq.

"They were better than the published expectations. I would say they were marginally better than the whisper number," said Todd Mitchell of Kaufman Bros, who recently lowered his rating on the stock to a "hold" from "buy."

"I don't think that many people buy the idea that just because you blow the numbers out on GTA, EA is going to come out with a higher bid," he said.

Daniel Ernst, an analyst with Hudson Square Research, said the GTA results came in above industry expectations of $400 million and showed Take-Two was on track to meet his expectation for total unit sales of 13 million through the end of the calendar year.