Reuters source rubbishes “$1.5 billion Viacom for Take-Two” story

By Patrick Garratt
7 February 2008 22:29 GMT

This Reuters report, quoting a source, has said that this story rumouring a £23 per share offer from Viacom to Take-Two is incorrect.

“Media conglomerate Viacom Inc is not in talks to buy video game maker Take-Two Interactive Software Inc, a source familiar with the matter said on Thursday, disputing reports of an offer.”

The piece continued, “Reports on the Web and a video games trade publication Web site said Viacom had offered $1.5 billion for the maker of the popular ‘Grand Theft Auto’ games franchise, citing unnamed sources. Shares of Take-Two rose as much as 12 percent on Thursday on the rumor.”

Viacom has refused to comment on the situation.

“This is very unlikely,” Pacific Crest Securities analyst Evan Wilson said of the speculation. “Video games are a hot space and media companies are interested in participating in the growth, but for Viacom, they are pursuing a completely separate strategy.”

“I don’t think any of those media companies has the appetite to get into a new business,” added super-analyst Michael Pachter.

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