Take-Two Sells Joytech To Mad Catz
The world of "Who can get around Microsoft's unwillingness to share wireless technology with third party accessory manufacturers" just got streamlined, as publishing powerhouse Take-Two sells off its gaming accessory subsidiary, Joytech, to rubberized darling Mad Catz.
The move comes as part of a new effort at Take-Two to rid itself of business operations that fall outside its "core publishing business," and is especially noteworthy because the deal allows virtually all Joytech employees in the US to join the Mad Catz team. Corporate restructuring without fallout, but not, perhaps, without repercussions - this doubles-down the peripheral biz, pushing industry leaders like Nyko, Mad Catz and Logitech closer together. One less option on the 3rd party accessory table could be a good thing - less chintz and more muscle thanks to better competition.
Take-Two Interactive Software, Inc. Announces Sale of Joytech Video Game Accessories Subsidiary
New York, NY - September 7, 2007 - Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that it has sold substantially all of the assets of its wholly owned Joytech video game accessories subsidiary to Mad Catz Interactive, Inc. (AMEX/TSX: MCZ). The Joytech sale reflects Take-Two's previously announced plans to divest its non-core businesses.
"The sale of the Joytech assets is consistent with one of the key goals we established in our 100 Day Plan: to develop strategic alternatives for any operations that we determined to be outside our core publishing business," said Ben Feder, Take-Two's Chief Executive Officer. "We are particularly pleased that we accomplished this goal in a manner that will allow substantially all of our Joytech employees in the U.S. and U.K. to join Mad Catz, which is a highly respected provider of video game peripherals."
The Joytech sale is not expected to be material to Take-Two's financial results.
tiny dancer
Posted to Miscellany on 7 September 2007
· Comments (3)
Other stuff like this: joytech, mad catz, take-two
Didn't mad catz go bust a long time ago? I seem to remember at least, due to the production of thier PS2 Memory card halting production due to costs that sony had for creating them?
Must of been confused.
Bunny
Mad Catz products are, for the most part, very sub-par in my experience and most people I've talked to about the subject. Stick to first-party accessories, or third-party manufacturers such as Logitech, Nyko, and sometimes Pelican.
Mad Katz is snake oil. It frightens me that enough people are buying their garbage that they can afford to acquire (what must be) a better company. It's just like Comcast buying out Time Warner in large areas of my state: they cut quality to raise profits at the same or lower costs. So your dream of the coming of a brave new market is more likely to turn nightmare.