devmod
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Jan 26, 2005, 10:30 AM
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SEGA Sells Visual Concepts to Take-Two
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Video game publisher Take-Two Interactive bought Sega Corp.'s sports game development studios, Visual Concepts Entertainment and Kush Games, for about $24 million. The cash purchase includes the rights to the 2K sports video game brand. Under the deal, Take-Two and SEGA also will collaborate to bring sports titles developed by Visual Concepts to SEGA's arcade business.
The deal follows a recent announcement from SEGA SAMMY HOLDINGS INC. (SEGA SAMMY), the parent company of SEGA Corporation, detailing improvement plans for development studio and distribution structure in overseas markets. SEGA and SEGA SAMMY are not changing their earnings forecast for the year ending March 31, 2005 which was announced on November 10, 2004.
The sale includes Kush Games and all intellectual property related to the ESPN Videogames product line. This transaction, effective immediately, supports SEGA's global strategy to focus on entertainment properties that boost revenue and appeal to gamers in disparate markets.
The companies said they also are in talks for SEGA to publish and distribute the 2K series of sports titles and other Take-Two games in Japan and elsewhere in Asia.
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