Gawker
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electronic arts
Electronic Arts Lays Off Six Hundred
Word hit today through the grapevine that "massive" layoffs had hit at Electronic Arts. Initially we heard as much as 20 percent of the staff has been let go, but a quick check with Electronic Arts confirms that it was actually 6 percent, or about 600 positions. [Kotaku]
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Comment by hahnchen: EA will be continuing to expand low cost locations (outsourcing) while reducing high cost locations. - straight from the earnings... 8 Responses | Other threads
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videogames
EA buys mobile rival Hands-On's Korean arm
Is San Francisco-based mobile videogames startup Hands-On Mobile in trouble? That was my first thought on reading that it had sold its Korean unit to Electronic Arts. EA moved to buy Hands-On's closest competitor, Jamdat, in 2005, and has been aggressively expanding in cell-phone games since. Hands-On, once rumored as an IPO candidate, has a string of offices around the globe, which must surely be expensive. It's possible EA made an offer Hands-On couldn't refuse. But the fact that Hands-On is selling, not buying, speaks of strained finances.
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By Owen ThomasComment by j-c: hands-on also sold off their china arm, so I think that assumption is a safe one more » | Other threads
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executive changes
EA CCO Bing Gordon Departs For "All-New Round Of Invention"
Ten-year Electronic Arts chief creative officer William "Bing" Gordon is leaving the company to join California venture capital firm Kleiner Perkins Caufield & Byer, the firm announced today. [Kotaku]
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Comment by lml: I spent 14 years at EA from 1992-2006. Bing was the heart and soul of the organization. EA's marketing and... more » | Other threads
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stocks
Fidelity and Oppenheimer dump Take-Two shares
The two largest shareholders in Take-Two Interactive dumped a huge percentage of their holdings according to SEC filings Monday. Oppenheimer Funds sold 8.4 million shares, roughly half its holdings, lowering its stake from 23 percent to 11.5 percent. Fidelity sold 7.5 million shares — almost its entire stake. It now owns 2.75 percent, down from 14.7 percent. It's telling that the big mutual funds are willing to cash out now for a few dollars below the $26 buyout price offered by EA. Oppenheimer and Fidelity's moneymen think the deal may fall apart — at least, they're not sticking around to find out. The other possibility? They think the deal IS going to happen and don't want their money stuck in Take Two stock for a year while the details are worked out. (Photo by AP/Paul Sakuma)
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Comment by Fidel on the Roof: Awesome. Thanks for that. Isn't it strange that TTWO found its way into two Value funds? I don't think TTWO... more » | Other threads
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breaking
Take 2 Urges Employee Calm, Promises Cash If EAten
Take-Two Interactive tonight disclosed an email they sent out to their employees about a change in their severance plan which was triggered, it appears, by Electronic Arts offer to buy them out. [Kotaku]
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Comment by bobert: @Cell9Song: "would'nt it be completely senseless to cut staff if they were bought out? I mean, much of the value... more » | Other threads
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take-two
The Take-Two Letters: EA Rejected
The Take-Two Board of Directors has released a long (long) response explaining why they have rejected EA's acquisition proposal. In short, they think EA's undervaluing Take-Two's worth. Included with the press release are several pieces of correspondence between the two companies regarding this proposed acquisition. Hit the jump for the full text from the Take-Two investor relations site: [Kotaku]
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Comment by thurauh1: IF you read inward the response from Take 2 to EA you will see that Take 2 really just want... more » | Other threads
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top
EA Makes Offer to Buy Take 2
Electronic Arts just called me to let me know that they are making a bid to acquire Take-Two Interactive in an all-cash merger of about $2 billion. [Kotaku]
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Comment by brentondig: GTA would be ruined if it were in then slobbery hands of EA. It would turn into a free-roam Sims... more » | Other threads
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news
Take-Two: College Hoops Canceled
Responding to rumors we broke earlier today that College Hoops 2K9 has been canceled due to a breakdown in negotiations with the license holders for collegiate basketball, 2K Sports parent company Take-Two had this to say to Kotaku: [Kotaku]
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Comment by ronnieward1973: @Boilerbuzz: why are you listed as a "follower" on my account...are you stalking me dude more » | Other threads
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Comment by Brian Crecente: @joelface: For the record, that headline is PURE fahey. I'm just the hack that stole it. more » | Other threads
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confirmed
Peter Moore Resigns, Mattrick Steps In
Microsoft just confirmed the news we exclusively broke two hours ago: Peter Moore resigned from Microsoft. [Kotaku]
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Comment by Trackback: No more Halo tattoos. In a surprise move, Microsoft has announced that VP of Interactive Entertainment Peter Moore (left) will... more » | Other threads
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