TAKE-TWO INTERACTIVE SOFTWARE,INC. (NASDAQ:TTWO) Files An 8-K Entry into a Material Definitive Agreement

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TAKE-TWO INTERACTIVE SOFTWARE,INC. (NASDAQ:TTWO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

On March 23, 2017, Take-Two Interactive Software, Inc. (the “Company”), Sony Interactive Entertainment, Inc. (“SIE Inc.”), Sony Interactive Entertainment America LLC (“SIEA”), and Sony Interactive Entertainment Europe Ltd. (“SIEE”, and collectively with SIE Inc. and SIEA, “SIE”, and each an “SIE Company”) entered into a PlayStation Global Developer and Publisher Agreement (“Agreement”). The Agreement grants the Company the right to develop, publish, have manufactured, market, advertise, distribute and sell PlayStation compatible products for all PlayStation systems, including PlayStation 3, PlayStation 4 and PlayStation Portable (PSP), until March 31, 2019 (the “Initial Term”), with automatic one-year renewal terms thereafter, in the territories as specified in the Agreement.

SIE charges the Company fees and royalties under the Agreement for each physical media product manufactured and such amounts are subject to adjustment by SIE at its discretion. SIE has the right to review, evaluate and approve a game proposal, various stages of a game’s work-in-progress and the final version of each game, including the game’s packaging. Additionally, SIE shall pay to the Company the applicable wholesale price and/or agreed revenue share for any of the Company’s digitally delivered products sold by SIE and covered by a product submission accepted by SIE.

The Agreement may be terminated by SIE at any time after the expiration of the Initial Term for any or no reason upon thirty (30) days’ notice to the Company. The Agreement may also be terminated by SIE immediately upon written notice to the Company in the event of, among other things, a breach by the Company or its bankruptcy or insolvency. SIE may also terminate the Agreement on a title-by-title basis. Upon expiration or termination of the Agreement, the Company has certain rights to sell off existing inventories.

The foregoing description of the Agreement is a summary only and is qualified in its entirety by reference to the text of the Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the period ending March 31, 2017.


About TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ:TTWO)

Take-Two Interactive Software, Inc. is a developer, publisher and marketer of entertainment for consumers around the world. The Company develops and publishes products through its labels, Rockstar Games and 2K. It operates through publishing segment. It has a portfolio of software content for the hardware platforms in a range of genres, including action, adventure, family/casual, racing, role-playing, shooter, sports and strategy, which it distributes across the world. The Company’s products are designed for console gaming systems, such as PlayStation 3 and PlayStation 4; Xbox 360 and Xbox One, and personal computers, including smartphones and tablets. Rockstar Games is the developer and publisher of Grand Theft Auto, as well as other franchises, including L.A. Noire, Max Payne, Midnight Club and Red Dead. 2K publishes owned and licensed titles across a range of genres. It has internal development studios in Canada, China, Czech Republic, the United Kingdom and the United States.

TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ:TTWO) Recent Trading Information

TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ:TTWO) closed its last trading session down -0.02 at 58.79 with 1,003,842 shares trading hands.