Crime Pays for Grand Theft Auto Maker

Game blows away sales records, jacks up profit forecasts
By Rob Quinn,  Newser Staff
Posted Jun 6, 2008 3:34 AM CDT
Three 10-story high murals promoting the debut of the computer game GTA Grand Theft Auto IV are seen on the Figueroa Hotel in downtown Los Angeles Thursday, April 24, 2008.    (AP Photo/Reed Saxon)
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(Newser) – Profit forecasts have shot through the roof at Take-Two Interactive Software, thanks to the runaway success of Grand Theft Auto IV, reports MarketWatch. The company is boasting a $100 million second-quarter profit, up from a $50 million loss for the same period last year—even though the blockbuster game was released just two days before the quarter ended.

The explosive sales of GTA IV—the most successful launch of a video game, and possibly any entertainment release, ever—have boosted Take-Two's profit forecasts for the rest of the year as well. The massive sales have given the game maker more ammunition to fight a hostile $2 billion takeover bid from Electronic Arts. Take-Two has said it's open to merger talks, but is holding out for higher offers.