Take-Two Interactive has acquired British racing game developer Codemasters in a deal worth $994m. The purchase will expand Take-Two’s video game portfolio with global franchises such as Dirt, Grid, and the Formula 1 series. In a statement, Take-Two CEO Strauss Zelnick said the Codemasters portfolio would be highly complementary to its sports range, while Codemasters’ CEO Frank Sagnier said the acquisition would bring further scale and support to its business. The racing game genre has seen significant growth in recent years, and the acquisition is expected to lead to increased competition and innovation in the sector.
Take-Two Interactive Acquires Racing Game Studio Codemasters
Introduction
In a major development in the gaming industry, Take-Two Interactive Software, Inc. (Take-Two) has acquired Codemasters, a prominent racing game development company. The acquisition is valued at approximately $994 million. This move will expand Take-Two’s portfolio in the lucrative racing game genre.
About Take-Two Interactive
Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment. The company is headquartered in New York City and has offices in North America, Europe, and Asia. It has a vast portfolio of popular franchises, including Grand Theft Auto, Red Dead Redemption, NBA 2K, and Borderlands among others.
About Codemasters
Codemasters is a British video game developer and publisher, founded in 1986. The company specializes in racing games and has created several critically acclaimed titles, including the Formula 1 series, Dirt, and Grid. Codemasters is headquartered in Southam, Warwickshire, and has offices in the UK, USA, and Malaysia.
Rationale for the Acquisition
The acquisition will expand Take-Two’s presence in the racing game genre, which has seen significant growth in recent years. The acquisition will also strengthen Take-Two’s portfolio, as Codemasters has a talented team of developers and a robust intellectual property portfolio.
Implications of the Acquisition
The acquisition will have significant implications for the gaming industry, particularly the racing game genre. It is likely to result in increased competition among game developers and publishers, which could lead to more innovative and exciting games for players.
Response from Take-Two and Codemasters
The CEOs of both Take-Two and Codemasters have expressed their excitement about the acquisition. Strauss Zelnick, Chairman and CEO of Take-Two, said that “Codemasters has a renowned history of creating some of our industry’s most beloved and commercially successful racing franchises, and we believe that their offerings will be highly complementary to our sports portfolio.” Frank Sagnier, CEO of Codemasters, said, “With Take-Two’s broad capabilities, they will bring further scale and support to our business, enabling us to accelerate our plans to create and sell more great games to more fans across the world.”
Conclusion
The acquisition of Codemasters by Take-Two Interactive is a significant development in the gaming industry, particularly in the racing game genre. The acquisition will likely result in increased competition and innovation, ultimately benefiting players all over the world.