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Quick Hits

Take-Two’s Next Move

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UPDATED November 09, 2020 | 07:45 pm
Formula 1 video game
Codemasters

Take-Two Interactive made a $974 million offer for British game developer Codemasters Group. Executives at Take-Two believe Codemasters’ official Formula 1 racing games would complement its current titles like Grand Theft Auto and NBA 2K.

Codemasters’ revenue has climbed 68% year-over-year and its shares have jumped more than 70% year-to-date on the London Stock Exchange. Analysts expect Codemasters’ fiscal 2021 revenue to reach approximately $158 million; Take-Two’s sales are expected to hit $3.13 billion.

Following a second quarter earnings report that exceeded projections last week, Take-Two’s shares sank more than 15% as markets shifted with news of a promising COVID-19 vaccine trial.

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