Take-Two Secures Funding Ahead Of Manhunt 2 Push News
Jon Wilcox
10/07/2007
After 100 days in control, Zelnick and Co. reveal additional funding along with a few thoughts on the ESRB's Adults Only rating...
Having wrestled control of Take-Two Interactive back in March, Strauss Zelnick and his team at the tempestuous publisher have today unveiled their progress after one hundred days in charge.
Despite continuing the search for new buyers for both Jack of All Games and JoyTech, the company's new CEO, Ben Feder, confirmed that the board's restructuring plans are already well underway. The plans have included a number of staff cuts in both North America and Europe. The recent fallout surrounding Manhunt 2 has also pushed Take-Two to announce a new "product investment review committee", which will be headed by members of the board and will weigh up both internally and externally pitched game ideas. Despite its remit, Feder and Zelnick have been quick to point out that the new committee will not interfere with the creative processes of a project; instead, it will provide a level of "financial accountability".
The webcasted presentation also provided the Take-Two Chairman with a chance to air his thoughts on the recent 'banning' of Manhunt 2. Defending the controversial title, Zelnick re-asserted that "We don't see ourselves in the AO business, and if we find ourselves there, it would be because we have a title we consider art and entertainment, that we consider appropriately rated at AO, that we'd like to bring to market."
Hinting at one avenue available, the board did reveal that they may be looking at digitally distributing the game, adding that "we do think its terribly important to bring original producers' and creators' vision of Manhunt 2 to the public."
Finally, the publisher has revealed that it had secured a credit injection of $100 million from Wells Fargo Foothill over a five-year period, which will be used to "fund working capital, capital expenditures and for other general corporate purposes".