Take-Two delays big game -- BioShock 2
BioShock is an insane video game. It takes place in the underwater city of Rapture. The player gets to fight denizens of the metropolis using a wide array of weapons. Part of the fun of the game is setting opponents on fire. Perfect violence. The kind of game you can play all day.
Take-Two Interactive (TTWO) let down gamers around the world by delaying the launch of BioShock 2. Imagine all of those overactive teens who won't have anything to do next year. But the people who will take the brunt of the bad news are Take-Two's long-suffering shareholders.
The delay in the game will cut Take-Two's earnings for its fiscal year 2009. The company said in a statement that it "made the decision to delay the BioShock sequel to improve its quality." Current management has been at the company for over two years, and the stock is down 60 percent during that period.
Take-Two cost shareholders hundreds of millions of dollars by turning down an offer from Electronic Arts (ERTS) to buy the company. Now management is demonstrating that it can't run the firm and should have taken the offer when it was on the table.
Douglas A. McIntyre is an editor at 24/7 Wall St.