Debunked Rumor Of Sony Acquiring GTA Parent Company Causes Stock Price Jump

  • Debunked Rumor Of Sony Acquiring GTA Parent Company Causes Stock Price Jump

Debunked Rumor Of Sony Acquiring GTA Parent Company Causes Stock Price Jump

The Sony Take-Two whispers were, of course, false rumors stemming from loose sources that spun a narrative out of control. As the parent company of both 2K Games and Rockstar Games, Take-Two holds some of the most popular video game properties in the world, including Borderlands, Civilization, Grand Theft Auto, and Red Dead, as well as a variety of sports games. The company is valued at around $130 per share, according to Joel Kulina of Wedbush Securities.

Take-Two Interactive Software TTWO, +5.16% stock climbed 4.7% on rumors that Sony Corp. Kulina has no solid source on the matter, and says it's "purely unconfirmed market speculation".

The fact that Sony is reportedly only in talks to buy the company right now also means that this process is likely in its early stages, if it is happening at all, so nothing concrete should be expected to come of it anytime soon.

It was his trading note that MarketWatch writers Sue Chang and Chris Matthews referenced, with Matthews saying, "The stock shot up at the start of trade today to lead the S&P 500 and I was simply looking for plausible explanations". This deal is now only based on rumors. Even if Sony actually did intend to purchase Take Two Interactive, they'd need a serious amount of cash to do so.

GamesIndustry.biz has looked into the source of the rumor and has confirmed that there is a high likelihood that these are unsubstantiated claims with no direct source. If there's somebody in some boardroom at Sony talking about acquiring Take-Two, it's not something that anybody credibly knows anything about just yet.

According to Joel Kulina, head of technology and media trading at Wedbush Securities, Sony "is in advanced board level discussions to acquire Take-Two Interactive in a mostly cash deal".