The internet went crazy after a stock market overview added in a note that the Take-Two Interactive stock climbed, and that was because of the rumors about Sony Corp acquiring the company.
It started as a story about Sony being in “advanced board level discussions” to acquire the Grand Theft Auto and Red Dead Redemption publisher Take-Two Interactive Software. However, the rumors and speculations are founded on market speculation.
What’s more interesting is that the report by MarketWatch wrote more than market speculation – which was immediately revised. Here is the original paragraph:
“Take-Two Interactive Software stock climbed 4.7% on rumors that Sony Corp. ‘is in advanced board level discussions to acquire Take-Two Interactive in a mostly cash deal,’ that would value the company at $130 share, according to Joel Kulina, head of technology and media trading at Wedbush Securities.”
Then, the report was revised to say:
“Take-Two Interactive Software TTWO, +6.88% shares jumped 6.9%, its best day since October 2018. Joel Kulina, head of technology and media trading at Wedbush Securities, referenced rumors about potential takeover interest from Sony Corp. SNE, +0.76% in a note to clients.”
It Was All Purely Unconfirmed Market Speculation
Oher stock market sources commented on the potential purchase, but Joel Kulina replied to another website that all of those rumors were “purely unconfirmed market speculation,” adding that he was not the source of the story and that he didn’t speak to anyone:
“And not sure who quoted me as I didn’t speak with anyone over the phone (unless someone saw a trading note that I wrote).”
Michael Pachter, Wedbush Securities’ managing director of equity research, stated that the potential purchase was “highly unlikely” and that the story was only “chatter” among traders who wondered why the stock rose. The idea that it could be purchased by Sony was thrown around, but where the original citation on Marketwatch came from was a mystery.
Major gaming publications reached out to both Sony and Take-Two, and only the latter replied that “as a practice, we do not comment on rumors or speculation.”
Whether the rumor turns out to be true or not – and perhaps in the future, we could see the giant Sony acquire the publisher – but for now, it is all speculation based on rumors which quickly went out of control, considering how important the two companies are.
