By Michelle Chapman, AP Business Writer
Take-Two Interactive, maker of "Grand Theft Auto" and "Red Dead Redemption," is buying Zynga, maker of "FarmVille" and "Words With Friends," in a cash-and-stock deal valued at about $12.7 billion.
The acquisition announced Monday would wed a powerhouse in console gaming, Take-Two, with a mobile gaming company with an almost cult-like following.
Zynga shareholders will receive $3.50 in cash and $6.36 in shares of Take-Two common stock for each share of Zynga outstanding stock at closing. The transaction is valued at $9.86 per share of Zynga common stock.
"This strategic combination brings together our best-in-class console and PC franchises, with a market-leading, diversified mobile publishing platform that has a rich history of innovation and creativity," Take-Two Chairman and CEO Strauss Zelnick said in a prepared statement. He will retain those roles when the companies become one.
Take-Two anticipates the deal will help bring about mobile versions of some of its console and personal computer based games.
Take-Two said Monday it anticipates approximately $100 million in annual cost savings within the first two years after the transaction is complete.
Zynga CEO Frank Gibeau and its president of publishing, Bernard Kim, will oversee the integration and day-to-day operations of the combined Zynga and T2 Mobile Games business, which will operate under the Zynga brand as its own label within the Take-Two.
Take-Two will also expand its board to 10 members upon closing, adding two members from Zynga's board.
The transaction includes a go-shop provision, giving Zynga 45 days to hear alternative proposals.
The deal is expected to close during the first quarter of Take-Two's fiscal 2023, ending June 30. It still needs approval of both Take-Two and Zynga stockholders. It has received approval from both companies' boards.
Shares of Zynga Inc., based in San Francisco, jumped 52.5% to $9.15. Shares of Take-Two Interactive Software, Inc., based in New York City, fell 8.7% to $150.25.
SMPTE elects board officers, regional governors
SMPTEยฎ,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
โSMPTEโs membership has spoken,โ said SMPTE interim executive director Sally-Ann DโAmato. โThese officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!โ
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More