The New York Post has reported in their Sunday paper that world famous rock star, Bono, or Paul David Hewson, the front man for the band U2 is considering purchasing the interactive entertainment company Take-Two Interactive. Bono, the lead stockholder in the newly established private equity company, Elevation Partners is looming a potential one billion dollar acquisition of the company responsible for critically acclaimed video games such as Grand Theft Auto.
Controlling video game developers is nothing new to the private equity corporation; Elevation Partners currently controls both BioWare and Pandemic through a three hundred million dollar investment made last year.
The news of a potential buyout of Take-Two shouldn’t come as much of a shock. The company has recently seen their stock offerings fall 19 percent to $13.74. Citing complicated accounting circumstances, the company has yet to publish their earnings report for the previous fiscal quarter. An extension granted by the Securities and Exchange Commission has allowed the company to publish their quarterly earnings by February 13th, 2006.
Talks concerning a potential buyout of the company are nothing new. The same publication, the New York Post, has previously reported that several parties were interested in acquiring the controversial publishing house.
Elevation Partners has yet to officially comment on the prospective acquisition. We’ll keep you updated. wadddddddddd
