Take-Two Must Get GTA 6 Right, Which Creates Uncertainty as Delays Mount

Take-Two is one of the larger video game publishers and owns one of the most well-known video game franchises in Grand Theft Auto. With the acquisition of Zynga, the company is also one of the largest mobile game publishers, with mobile games currently accounting for about half of sales. Like several of its peers, Take-Two is trimming the number of games in development to focus resources where financial returns are likely to be strongest, which we think will play to the firm's competitive advantages. While all eyes are now on the release of GTA 6, currently planned for the fall of 2025, we believe patience is warranted, given this title will likely serve as a sales platform far into the future.