Take-Two Interactive, the video game publisher whose subsidiary, Rockstar, produced the massively popular Grand Theft Auto series, has trimmed its revenue forecast for the year and delayed the release of two games. Still, the company has reported surprisingly strong quarterly results.
Whereas the company had previously predicted revenues of $1.1 billion to $1.25 billion, Take-Two Interactive has now lowered its forecasts to a value somewhere between $1.05 billion and $1.1 billion. According to Take-Two, the fourth quarter will be crucial as it plans to release Grand Theft Auto: Episodes from Liberty City on the Xbox 360.
The company has lost $10.1 million …read more

Midway Games Inc., best known for the Mortal Kombat, Wheelman, and Gauntlet series of video games, filed for bankruptcy on February 12 and has been seeking a deal ever since. Time Warner, through its Warner Bros. Entertainment Inc. unit, has become the largest bidder for the defunct video game company, offering $33 million for Midway’s assets.
Midway will hold an auction on June 29 and it wants Warner Bros. to act as the lead bidder. The video game company hopes that this move will attract a larger bid than what Warner Bros. is prepared to offer. When Midway began its search …read more

There are few industries where a used version of an item is almost as expensive as a new item – and it is much more valuable to retailers. In the video game industry, however, the used market is booming. New copies of games usually cost $50 – $60, but if you sell your game back to a store like GameStop as soon as you are done, you can usually get $20 – $35 back in store credit.
And for the retailer, that used game is total profit when they sell it again for $45 – $50. They don’t have to give …read more