Entertainment news Celebrity gossip Movie and TV show updates Latest celebrity news Trending entertainment stories
“Grand Theft Auto” publisher Take-Two Interactive is planning to sell off $1 billion of its common stock.
In addition to the public offering, which was announced Tuesday, the video game giant will give underwriters a 30-day option to purchase up to an additional $150 million of shares. The offering is subject to market conditions.
Per the company, “Take-Two intends to use the net proceeds for general corporate purposes, which may include the repayment of outstanding debt and future acquisitions.”
Take-Two, which is the parent company to Rockstar Games, 2K and Zynga, saw its shares drop nearly 3% in after-hours trading Tuesday upon news of the stock sale.
Popular on Variety
The public offering announcement comes less than a week out from Take-Two reporting its latest earnings results, which included a writedown of more than $3 billion. That was on the heels of the publisher revealing on May 2 that its highly anticipated Rockstar Games-developed “Grand Theft Auto 6” would be shifting from a planned fall 2025 release to a May 26, 2026 launch.
Speaking with Variety last week about the earnings results and anticipation for the company’s fiscal 2026 (which runs April 1, 2025-March 31, 2026), Take-Two chairman and CEO Strauss Zelnick said “obviously, the net bookings that are expected for Fiscal ’26 are lower without the release of ‘GTA 6,’ that goes without saying,” adding: “But we haven’t actually parsed what the specific effect is, although analysts have speculated.”
“I think the key point to bear in mind is, once again, we’re setting a record, which is what we said we would do,” Zelnick said. “We certainly expect growth in Fiscal ’27. This company is in extraordinarily sound shape and well positioned both for the challenges and opportunities ahead.”
