Take Two announced that the release of GRAND THEFT AUTO IV has been moved from Oct. 2007 to March or April of 2008, VARIETY reports. Take Two chairman Strauss Zelnick stated technical issues were to blame for the delay.
The move caused the company to revise its fiscal year estimate from $1.25 billion to $950 million-$1 billion. Previously, the company believed it would break even for the year, but now anticipates a loss of up to $1.35 per share. The disappointing news lead investors to drop Take Two stock, creating a 19% fall in its pricetag.
The announcement is another blow to Sony and Microsoft, who were hoping late in the year blockbuster titles like GTA IV would spur sales of PlayStation 3 and Xbox 360 consoles, respectively.
This isn't the first major delay for Take Two this year either. After receiving an Adults Only rating in the U.S., the company had to delay the release of MANHUNT 2. The game has also been banned in the U.K., Ireland and Italy.
Additionally, Take Two is still recovering from the accounting scandals of its former management. On Aug. 1, 2007, former ceo Ryan Brant was sentenced to five years of probation for fudging business records to hide stock options. Earlier in the year a new board was voted in and Ben Feder was named ceo.
Rick DeMott
Animation World Network
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