What would make Grand Theft Auto publisher Take-Two Interactive revise its yearly earnings downward by an impressive [[link]] $290 million for the year, just four days after previous guidance? The selling of [[link]] its distribution business, Jack of All Games.(new Image()).src = 'https://capi.connatix.com/tr/si?token=995c4c7d-194f-4077-b0a0-7ad466eb737c&cid=872d12ce-453b-4870-845f-955919887e1b'; cnx.cmd.push(function() { cnx({ playerId: "995c4c7d-194f-4077-b0a0-7ad466eb737c" }).render("79703296e5134c75a2db6e1b64762017"); }); The company announced today that it was selling off its distribution company to SYNNEX for $43.25 million, putting all of its eggs into the publishing business basket going forward. Take-Two expects more than a quarter billion drop in estimated revenues for the year, a $120 million reduction in the first quarter alone.
That’s a big drop. So, why would
Take-Two do such a thing? Publisher [[link]] CEO Ben Feder says the sale “is consistent with our stated intention to focus our resources on our core business strategy – delivering globally the most innovative and creative interactive
entertainment products.” Take-Two purchased Jack of All Games in 1998. The sale of the distribution arm to Synnex will mean a “small” loss for the publisher, with
yearly revenue dropping from an expected $1.0-1.2 billion to $710-910 million.
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