Earlier today, industry rumors claimed that Viacom was planning to buy Take-Two for $1.5 billion. The match seemed to make sense, as Viacom owns Dreamworks Studios, MTV, Nickelodeon and Paramount Pictures, and Take-Two has game rights to many MTV and Nickelodeon IPs. However, unnamed sources have since refuted those rumors, and both companies are remaining mum. We'll report back as soon as there's confirmation one way or another ....

Take-Two Interactive announced the acquisition of Central European game development studio Illusion Softworks, best known for titles such as Mafia, Hidden & Dangerous. Currently working on Mafia II, all 200 Illusion Softworks employees will join Take-Two’s 2K Games publishing label and henceforth be known as 2K Czech.

In its latest financial results statement, Take Two revealed a preliminary release schedule for its 2008 lineup, with GTA IV coming in Q2 2008 (Feb-April), as well as Borderlands, Bully: Scholarship Edition, Carnival Games (NDS), Don King Presents: Prizefighter, Midnight Club: Los Angeles, MLB 2K8, NBA 2K9 and Sid Meier's Civilization: Revolution.

Take-Two announced the formation of a new development studio under its 2K publishing label located in Novato, California, 2K Marin. The new studio, comprised of former BioShock team members, will develop original intellectual property, as well as co-develop products with other 2K studios around the world.

Take-Two announced that Gary Dale, previously Chief Operating Officer of Rockstar Games, has been named Executive Vice President, focusing primarily on optimizing the company’s sales and distribution activities, pursuing business development opportunities, and serving as corporate liaison with all of the publishing labels.

Take-Two announced the settlement of all consumer class action lawsuits pending in the United States against the Company and its subsidiary Rockstar Games, relating to a third-party program called the "Hot Coffee Modification" that could be used by consumers to alter the content of the Grand Theft Auto: San Andreas video game.

Earlier today, Take Two released its Q3 2007 financial results, and while net revenue was down ($206.4M, compared to $241.2M last year), mainly due to last year's GTA title, net loss was also down ($58.5M, compared to last year's $91.4M). The subsequent conference call revealed delays for L.A. Noire and Beaterator to Q1 2008 (not before November 2008). While Bioshock sold 1.5 million copies so far, All-Pro Football 2K8 disappointed.

Take-Two announced the formation of casual gaming label 2K Play, and signs an expansive licensing agreement with Nickelodeon, including top-rated properties Nick Jr. preschool television hits, Dora the Explorer and Go, Diego, Go!

Take-Two announced that it has sold all of the assets it owned of Joytech video game accessories subsidiary to Mad Catz Interactive for approximately $3.7 million, reflecting Take-Two's previously announced plans to divest its non-core businesses.

Take Two has released new material for the following of its upcoming titles:

• 'Borderlands' (PS3/X360/PC) - 3 New Screens
• 'NHL 2K8' (PS2/PS3/X360) - 11 New Screens
• 'Carnival Games' (Wii) - 9 New Screens

10Tacle Studios announced plans to acquire a 29% stake in Climax Group, as well as the signing of a strategic partnership to jointly develop games in specific genres, with the first two action/fantasy titles already in the pipeline.

Take Two has released screens and trailers for its upcoming titles:

• 'BioShock' (X360/PC) - Features, Screens & Trailer
• 'Sid Meier's Civilization Revolution' (NDS/Wii/PS3/X360) - Screens
• 'Top Spin 3' (PS3/X360) - Screens

2K Games and 2K Sports announced a strong line-up for the E3 Media & Business Summit 2007 including titles such as BioShock, Sid Meier's Civilization Revolution, NHL 2K8 and All-Pro Football 2K8.

In Manhunt 2 an experiment at a secret research facility has gone catastrophically wrong, with Daniel Lamb and Leo Kasper the only survivors. The Pickman Project will stop at nothing to hunt them down and stop the truth from getting out. After the game was banned in the UK and Ireland, both Sony and Nintendo stated it would not allow AO-rated games to be published on its consoles. Take Two decided today that it would temporarily put the July 10 release on hold to "further explore its options."

Hot on the heels of the restructuring announcement, it seems Take Two will be closing its New York office and consolidating it with their California-based West Coast office. No details as to how many people will make the transition (or get laid off) were disclosed, or whether NY native Rockstar is making any sort of relocation as well.

High Stakes on the Vegas Strip: Poker Edition will give players a chance to show off their skills in Texas Hold'em, Super Hold'em, Billabong, Tahoe and Shanghai. Each of the 5 different styles of poker can be played as limit, pot limit or no limit poker. Multiplayer is available for all games, and will allow up to 6 people to play together on one table at a time.

Revealed a few days ago, Take Two announced a European distribution agreement with Monte Cristo Games, for the upcoming PSP edition of KievGames' fantasy-style action/RPG Silverfall.

Ghost Rider co-creator Gary Friedrich filed a 61-page complaint in federal court claiming 21 violations based on the production and marketing of Sony's recent "Ghost Rider." Friedrich claims the Ghost Rider copyrights reverted from Marvel to him in 2001, and accuses Sony, Marvel and Take Two of a "conspiracy to exploit, profit from and utilize" his copyrights to the comic book character.

Take-Two announced the resignation of its CFO Karl Winters, effective immediately. Lainie Goldstein, who currently serves as the Company's Senior Vice President of Finance, has been named interim Chief Financial Officer until a permanent replacement is named.

As predicted, at the Annual Meeting of Take-Two stockholders a new slate of Take-Two Board directors were elected by the shareholders. The revolt happened quietly and no other comments were made, nor matters were discussed.

Yesterday Take-Two revealed it was postponing the previously scheduled annual shareholders meeting to explore its options, one being a possible sale of the entire company. Today word has reached us through the grapevine by means of an inside source at Rockstar Vancouver, that "the buzz" in the hallways is that Microsoft might have put in a bid or expressed interest in purchasing the ailing publisher/developer. While this is a mere rumor, albeit from a reliable source, it is to be taken with a grain of salt. Just imagine the ramifications....

UPDATE: As rumors go, debunked by MGS' Vice President Shane Kim...

Take-Two announced that it has postponed its annual meeting. The purposes of the Board's actions are to provide additional time to review the proposed actions of the shareholder group and also to evaluate alternative courses of actions that could potentially be presented to the shareholders, including a possible sale.

Take Two has signed a co-publishing agreement with XS Games to bring former Acclaim shooter The Red Star to European territories. The Red Star takes place in a parallel fantasy universe in which a mythic empire based on the Soviet Union sets the landscape for an epic battle of militarized sorcery and monolithic technology.

After several preliminary financials statements, due to the internal backdating investigation, Take Two has finally released a final 2006 statement. Overall revenue is slightly down, and last year it recorded a loss, compared to a small profit the year prior. Most interesting is the mention of a new installment in Sid Meier's Civilization strategy franchise, scheduled for fiscal 2008, which means no earlier than Nov. 1st, 2007.

Take-Two received a NASDAQ Staff Determination letter indicating that the it is not in compliance with the filing requirements for continued listing on The NASDAQ Stock Market. Take failed to file its quarterly report in a timely fashion as it awaits the results from the Special Committee which is investigating the Company’s stock option grants.