Take-Two Reaffirms GTA VI Launch Date, Maps Global Strategy at Annual Meeting

Take-Two Interactive Software NASDAQ: TTWO held its annual stockholder meeting virtually, with shareholders asked to vote on four proposals including the election of 10 directors, executive compensation, an officer-liability amendment and the appointment of Ernst & Young LLP as auditor for fiscal 2027.

The board nominated 10 directors to serve until Take-Two’s 2027 annual meeting: Chairman and CEO Strauss Zelnick, Michael Dornemann, Bing Gordon, Roland Hernandez, J. Moses, Michael Sheresky, Ellen Siminoff, LaVerne Srinivasan, Susan Tolson and Paul Viera. Stockholders also considered a non-binding advisory vote on compensation for the company’s named executive officers. Other proposals included approval of an amendment to Take-Two’s certificate of incorporation intended to limit liability for certain officers as permitted under Delaware law, and ratification of Ernst & Young as the company’s independent registered public accounting firm for the fiscal year ending March 31, 2027.

During a shareholder question-and-answer session following the formal meeting, Zelnick reiterated that Grand Theft Auto VI is scheduled to launch on Nov. 19. He described the release as a single-player title planned for Xbox and PlayStation 5. Zelnick said Take-Two will not anticipate recurrent consumer spending from the initial GTA VI launch because it is being introduced as a single-player experience. He contrasted that approach with the continued performance of GTA V Online, which he said remains a “robust business” that the company will continue to support.

“GTA is a different kind of experience in that the single player experience can be very successful to say the least,” Zelnick said, noting that Grand Theft Auto V has sold more than 230 million units since its 2013 launch and has remained a top-five-selling title for 13 years. He said more specific GTA VI marketing information will come from Rockstar Games, Take-Two’s label behind the franchise. Zelnick said the company does not claim success ahead of a launch but is “cautiously optimistic” about the title.

Zelnick said GTA VI will initially be localized in 13 languages, including Spanish and Portuguese for Latin America and major European languages. Take-Two will tailor marketing activities by market, he said, supported by local offices and marketing partnerships.

Addressing a question about the cadence of PC releases, Zelnick said Take-Two’s general strategy is to launch on platforms where there is a meaningful audience, although that does not always occur. He said the PC platform is becoming increasingly important to the company over time.

In response to a shareholder question about executive accountability and dependence on a limited number of major franchises, Zelnick said Take-Two’s board is “exceedingly diligent and rigorous” and would replace management if the team did not perform. He disputed the question’s characterization of the company’s record, pointing to changes since the current management team took over in March 20...