Grand Theft Auto IV Sales Soar
May 9th, 2008
SAN FRANCISCO — The first week of sales of video games publisher Take-Two’s TTWO blockbuster Grand Theft Auto IV is on track with sales expectations but will have little impact on the $2-billion buyout offer for the company.
Take-Two said Wednesday it sold approximately 6 million copies of Grand Theft Auto IV in the first week of its release with an estimated retail value of about $500 million.
That is exactly in line with expectations, say three analysts, and is unlikely to affect industry leader Electronic Arts’ ERTS $2 billion, or $27.74-a- share, bid for Take-Two.
“Six million units is exactly in line with our expectations,” says Arvind Bhatia, an analyst with Sterne, Agee & Leach. “It’s a great opening for the game but it is not surprising.”
“The $500 million in revenue is a little bit higher than expected but that could be because of greater sales of the special edition pack, which is priced higher, or the mix of domestic to international sales,” says Bhatia. Sterne, Agee & Leach does not own shares or have an investment banking relationship with Take-Two.
Grand Theft Auto IV sold approximately 3.6 million units on its opening day with a retail value of approximately $310 million globally, said Take-Two.
Analyst Michael Pachter of Wedbush Morgan agrees that Grand Theft Auto IV sales are tracking in line with expectations.
That means EA may have made the right assumptions in its proposal for Take-Two. If anything, it strengthens EA’s case that Take-Two becomes less valuable to it over time, say analysts.
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Tags: bhatia, michael
May 9th, 2008 at 1:16 pm
Ragdolls are not impressive anymore. However, the fluid animation of his recovery is actually pretty cool.
May 9th, 2008 at 2:06 pm
The first thing I noticed is the Kanye West music. I hope that was the custom soundtrack X360’s let you have and not actual in-game radio.
May 9th, 2008 at 2:57 pm
i agree somewhat… but a line has to be drawn somewhere. i imagine the game wouldn’t be as fun if they drawn the line closer to reality.
May 9th, 2008 at 3:47 pm
It’s supposed to be fun.
May 9th, 2008 at 4:38 pm
so is doing anything in grand theft without spending a year or two, game time, in virtual prison.
May 9th, 2008 at 5:28 pm
I thought that was cool, watched it about 5 times and kept seeing new things.
May 9th, 2008 at 6:19 pm
And the Penny-Arcade criticism of Havok in star wars… (see video for context)