EmptyTake-Two narrows Q1 loss
Take-Two Interactive Software Inc. on Monday reported a narrower fiscal first-quarter loss. The publisher of the "Grand Theft Auto" video games posted a loss of $21.5 million, compared with a year-ago loss of $29.1 million. During the quarter, the company recorded a $6.4 million charge for expenses and fees related to a stock-option grants investigation. Revenue rose from $265 million to $277.3 million, exceeding expectations. A group of shareholders is trying to replace Take-Two's board. The company's stock closed down 1% at $20.07.
RealNets surges on upgrade
Shares of RealNetworks Inc. rose Monday after Goldman Sachs analyst Anthony Noto upgraded them from "sell" to "neutral," citing valuation. Noto said that the digital-media company's shares have declined 21% since June, adding there should be no significant downside. But he emphasized that "our fundamental view that the company operates in a competitive environment and could see decelerating growth in many of its product lines remains unchanged." RealNetworks shares closed up 2.5% at $7.89.
VCL completes Equity buyout
COLOGNE, Germany — Home entertainment group VCL Film + Medien has completed its buyout of German media fund Equity Pictures by issuing 812,500 shares as an investment in kind in exchange for the final 15% of Equity. VCL acquired an 85% stake in Equity Pictures last year, with the cash coming from a U.S. hedge fund. Equity, one of Germany's largest media funds, has financed such Hollywood films as "Hostage," "The Black Dahlia" and "16 Blocks."