Rumors are some pretty wild things, which can lead to some rather unbelievable assertions hitting the internet like wildfire. After MarketWatch reported Wedbush Securities’ Head of Technology and Media Trading, Joel Kulina, suggested Sony was considering taking over Take-Two Interactive Software, people thought the studio was out to expand its first-party lineup and dominate the industry. However, it was quickly struck down and proven false.
The rumor first appeared on March 14, 2019. This alleged and supposed acquisition conversation caused the company’s stock to go up by 4.7%. It also suggested a “mostly cash deal” and Take-Two being valued at $130 share.
Shortly after it hit the internet, Kulina made a statement to GamesIndustry.biz. He noted, “This is purely unconfirmed market speculation that is making the rounds. I am not the source of this story in any regard. And not sure who quoted me as I didn’t speak with anyone over the phone (unless someone saw a trading note that I wrote).” This was the first confirmation it was a humor.
After that, Sony took to the internet to also set the record straight. It denied there was any sort of a purchase being considered. The statement issued to VentureBeat noted, “We do not know where the rumor is coming from, but there is no such plan.” As a result of that news, Take-Two’s stock dipped again. It went down to 3%.
Had it been true, it would have given Sony quite a bit of additional horsepower. After all, acquiring Take-Two would also have meant getting Rockstar Games and its stable of titles like Red Dead Redemption and Grand Theft Auto . Take-Two’s roster also includes Borderlands and Civilization.
Source: MarketWatch , GamesIndustry.biz , VentureBeat