Net revenue for Q1 was $256.8 million, compared to last year's $240.4 million, driven by Grand Theft Auto IV, Carnival Games, NBA 2K9 and Midnight Club: Los Angeles. Net loss, however, rose from last year's $38 million to $50.4 million, due to higher marketing, legal, and research and development expenses. So far, GTA IV has sold 13 million units, while the next installment in the X360-exclusive DLC is expected before Oct. 31, 2009.

While the holiday rush is over, Take Two is still playing Santa by giving fans a chance to get several of its titles on the cheap. Until end of January fans can print out a coupon and get a $10 rebate at Wal-Mart, Target, Kmart, GameStop, Game Crazy, Virgin, Hastings, on such titles like Civilization Revolution (PS3, X360), Civilization IV: Colonization (PC), NBA 2K9 (PC/PS3/360), NHL 2K9 (PS3/360/Wii), BioShock (PS3), Carnival Games (Wii/DS), Carnival MiniGolf (Wii), and Dora the Explorer: Dora Saves the Snow Princess (Wii, DS).

Apart from renewing its long-term contract with Rockstar Games, Take Two also released its Q4 2008 financial details revealing that GTA IV accounted for 60% of its $1.5 billion annual revenue. Due to Atari's acquisition of Cryptic Studios, Take Two decided to drop Champions Online.

Take-Two has signed a new incentive compensation program for its Rockstar Games label based on a profit sharing arrangement, and at the same time has entered into new long-term employment agreements with the creative team of its wholly-owned Rockstar Games publishing label until Jan. 31, 2012.

NVIDIA announced that Electronic Arts and Take Two have each licensed its PhysX acceleration technology as a development platform which will be available for their respective studios worldwide.

Following discussions with various interested parties over the last five months, Take-Two’s Board of Directors has determined that it is in the best interests of stockholders to continue operating and building Take-Two as an independent company.

After careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two, EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two.

Check out the following new screens & trailer from Take-Two's Games Convention 2008 lineup:

• 'BioShock' (PS3) - 4 New Screens
• 'Borderlands' (PS3/X360/PC) - 9 New Screens
• 'Carnival Games: Mini-Golf' (Wii) - Facts, Features, Screens & Trailer
• 'Champions Online' - 10 New Screens
• 'Sid Meier's Civilization IV: Colonization' - 22 New Screens
• 'NBA 2K9' (ALL) - 4 New Screens
• 'NHL 2K9' (ALL) - 5 New Screens

EA has decided to let its tender offer expire later today after CEO John Riccitiello had a discussion with Take Two's Executive Chairman of the Board of Directors Strauss Zelnick pending a management presentation to EA containing non-public information such as information relating to its three year product release schedule, so that it can better understand the value of the company.

Check out the following new screens from Take-Two's E3 2008 lineup:

• BioShock (PS3) - Screens
• Borderlands (PS3/X360/PC) - Screens
• Champions Online' - Screens
• Sid Meier's Civilization IV: Colonization' - 5 New Screens
• MLB Power Pros 2008 (NDS/PS2/Wii) - Screens
• NBA 2K9 (ALL) - 10 New Screens
• NHL 2K9 (ALL) - 17 New Screens

Having expired July 18, 2008 at midnight New York City time, EA announced that it has once again extended its tender offer for all of the currently outstanding shares of common stock of Take-Two to 11:59 p.m., New York City time, on August 18, 2008, unless further extended.

Electronic Arts announced that it has extended its tender offer (which expired June 16, 2008 at 11:59 p.m.) for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two to 11:59 p.m., New York City time, on July 18, 2008, unless further extended.

Take-Two's Q2 2008 financial results revealed its net revenue more than doubled compared to last year (from $205.4 million to $539.8 million), not surprisingly led by GTA IV which has sold 8.5 million copies so far. Bad news for X360 owners as the platform exclusive content updates are getting pushed until Q1 2009 (between Nov 1, 2008 and Jan. 31, 2009), "in order to provide a better balance in Take-Two's release schedule." Bioshock, which so far has sold 2.2 million copies, will become a trilogy as Take Two CEO Zelnick hints at a 3rd title in the franchise to coincide with the, previously rumored, but now confirmed movie.

Previously set to expire over the weekend, EA today that it has extended its tender offer for all of the currently outstanding shares of common stock of Take-Two Interactive Software Inc. to Monday, June 16, 2008, unless further extended.

A recent SEC filing reveals that Electronic Arts has arranged an agreement with Morgan Stanley, BNP Paribas, The Bank of Nova Scotia and KeyBank National Association for a whopping $1 billion in case it needs the funds to acquire Grand Theft Auto publisher Take-Two. EA initially made a $2 billion offer, which Take Two turned down, so these funds may be used to raise the offer now that GTA's $500 million first-week revenue has surely increased the company's overall value. The multibank agreement gives EA access to the funds until Jan. 9, 2009.

A few days prior to GTA IV's launch on Apr. 29, the Chicago Transit Authority pulled ads for Rockstar's newest game from its vehicles when a Fox News report questioned why the ad was allowed to run after a wave of violent crimes in Chicago. Today, Take-Two filed a lawsuit against the CTA for violating its free speech and contractual rights, as the two companies had a six-week, $300,000 ad campaign agreement.

Take-Two announced that Hubert Larenaudie, a senior executive with more than 15 years’ experience in building successful Asia Pacific businesses, has joined the company to spearhead its expansion initiatives in this rapidly growing region.

Even after being turned down earlier this week, EA is not ready to give up just yet and has amended its tender offer for all of the currently outstanding shares of common stock of Take-Two. EA has also extended its offer until April 18, 2008, a day after the Take-Two's annual stockholders meeting.

Earlier today, Take-Two chairman Strauss Zelnick attended The Bank of America SmidCap Conference, where he went into more detail about the rejection of EA's buyout offer. During his presentation, making use of various slides, it came to light that the publisher under siege is considering making MMOs out of the BioShock and Civilization franchises, as well as a possible Hollywood movie based on the former.

The Board of Directors of Take-Two Interactive announced that it has thoroughly reviewed EA's unsolicited conditional tender offer with the assistance of its financial and legal advisors and unanimously determined that the $26 per share cash offer is inadequate in multiple respects and contrary to the best interests of its stockholders.

EA announced that one of its wholly owned subsidiaries has commenced a tender offer for all of the currently outstanding shares of common stock of Take-Two for $26 per share in cash, making a total offer valued at approximately $2 billion, representing a 64% premium over Take-Two's closing stock price.

Take-Two's Q1 2008 financial result reveals net revenue down and an increase in net loss, but most importantly, 2K Games confirmed BioShock 2 is being developed by 2K Marin and is planned for release in the Q4 of fiscal 2009 (Aug.-Oct. 2009), the same time frame set for Mafia II. Borderlands, however, has been delayed until Nov. 2008 at the earliest, in order to give Gearbox additional development time, as well as Midnight Club: Los Angeles.

After industry rumors of Viacom planning to buy Take-Two for $1.5 billion, Electronic Arts has opened up its coffers and made a $2 billion cash offer for the company, which is best known for its Grand Theft Auto series. The Take-Two board turned down the deal as "unsolicited proposal as inadequate," so EA made the announcement in an attempt to sway Take-Two's shareholders.

UPDATE: We have included the conversational letters between Take Two's Strauss Zelnick and EA's CEO John Riccitiello.

Confirming its March 2007 shufflings, Take Two's Non-Executive Chairman Strauss Zelnick has been approved by the Board of Directors to the position of Executive Chairman, upon appointment was temporarily replaced by Ben Feder, who has in turn now been offered the CEO position through Oct. 31, 2012, while Karl Slatoff was named Executive Vice President.

Epic announced that its Unreal Engine 3 technology and tools will be used for unannounced games in development by 2K Games.