"Grand Theft Auto IV" pays at Take-Two

By Paul Bond

LOS ANGELES (Hollywood Reporter) -- How well has "Grand Theft Auto IV" done?

The hugely popular video game "single-handedly propped up the U.K. economy" after going on sale in April, Take-Two Interactive Software CEO Ben Feder said Thursday.

Feder's boast came as Take-Two announced that it swung to a $98.2 million second-quarter profit, after charges, on revenue that more than doubled to $539.8 million. A year earlier, Take-Two lost $51.2 million.

The results were driven by the sale of 11 million "GTA IV" units worldwide.

Feder also said that "GTA IV" set a Guinness World Record for the most sales of an entertainment product in a 24-hour period.

All that boasting about "GTA IV" was to be expected as Take-Two has been spurning a $2 billion offer from Electronic Arts. Chairman Strauss Zelnick addressed the buyout offer during a conference call with analysts, reiterating his stance that EA's offer is too low and that Take-Two happily will consider higher bids.

Zelnick said Thursday that executives are engaged in "formal discussions with a number of interested parties."

Shares of Take-Two were up 1.2% to $27.65 on Thursday, 7.4% above EA's bid of $25.74 per share.

Reuters/Hollywood Reporter