February 4, 2009 |
Electronic Arts Inc. has hit the reset button on its video game business. The publisher of such franchises as the Sims and Madden NFL posted a deeper quarterly loss Tuesday. It also said it would cut 100 more jobs and close three more facilities than announced in December because of disappointing holiday sales. The Redwood City, Calif., company now plans to shed 11% of its workforce, about 1,100 people, from the payroll this year and shut down a dozen facilities.
December 20, 2008 |
Video game giant Electronic Arts Inc., facing a weakening economy and disappointing sales in North America and Europe, said Friday that it would slash 1,000 jobs, or about 10% of its workforce, and close at least nine of its 50 facilities. The moves, which are expected to save $120 million a year, are an expansion of cutbacks announced just two months ago by the publisher of the Madden NFL football franchise, the Sims and other titles.
October 3, 2008 |
After dismissing Electronic Arts Inc.'s takeover attempts, Take-Two Interactive Software Inc., publisher of the Grand Theft Auto game series, said it had decided to remain an independent company. The decision concludes a "strategic review" the New York-based game publisher initiated after the unsolicited $2-billion offer from EA. After being repeatedly rebuffed, EA walked last month. Since Take-Two stepped away from the table, its stock has fallen nearly a third from its highs earlier this year.
August 26, 2008 |
Video game publisher Electronic Arts Inc. signed a confidentiality agreement with Take-Two Interactive Software Inc., opening the way for talks about a possible acquisition. The accord prohibits either company from disclosing details of any discussions unless they are terminated, Redwood City, Calif.-based Electronic Arts said in a regulatory filing. New York-based Take-Two, publisher of the bestselling Grand Theft Auto video games, offered to give a financial presentation to Electronic Arts as long as a confidentiality agreement was signed, according to letters made public last week.
August 3, 2008 |
Scrabulous is back on Facebook, but with a new name and a different look. The Scrabble knockoff that was pulled from Facebook on Tuesday by its creators over a copyright and trademark dispute was brought back to life late Wednesday. It's now called Wordscraper. The game play is very similar to Scrabulous, aside from a few tweaks, such as round letter tiles instead of square, a new point system and a few different ways of playing. So, will this satisfy Hasbro, which owns the North American rights to Scrabble and sued the India-based creators of Scrabulous last week?
August 1, 2008 |
Activision Blizzard Inc. reported a strong profit for its fiscal first quarter Thursday, in contrast to losses posted earlier this week by its video game industry rivals THQ Inc. and Electronic Arts Inc. Santa Monica-based Activision said net income doubled to $59 million, or 18 cents a share. Sales rose 32% to $654.2 million on the strength of its Kung Fu Panda game and two new titles based on its Guitar Hero franchise.
July 30, 2008 |
Video game publisher Electronic Arts Inc. posted a smaller loss for its fiscal first quarter Tuesday and more than doubled its revenue thanks to soaring sales of games such as Rock Band, which EA distributes for Viacom Inc., even as the company spent more on marketing and development. But both the earnings and revenue figures fell short of analyst estimates, and EA shares dropped in extended trading. EA's loss for the quarter that ended June 30 was $95 million, or 30 cents a share, compared with a loss of $132 million, or 42 cents, a year earlier.
June 27, 2008 |
The gig: Chief executive of Trilogy Studios, which moved to Sherman Oaks from a Santa Monica warehouse this week. The company has 32 domestic employees and 300 workers in Shanghai who develop multi-player online games and virtual worlds. In one, the "Pimp My Ride" world for MTV, more than 3 million subscribers personalize avatars that upgrade virtual cars. Other clients include Coca-Cola Co., Toyota Scion and Viacom Inc. Pole co-founded the private company, whose gross revenue is expected to grow 200% this year, with Rick Giolito in 2005.
June 18, 2008 |
Electronic Arts Inc. extended its $2-billion tender offer for Take-Two Interactive Software Inc. until July 18 as the Federal Trade Commission continues a review of the proposed purchase. The offer price is unchanged at $25.74 a share, and the takeover bid may be extended further, Redwood City, Calif.-based EA said. New York-based Take-Two again urged shareholders to reject the bid and said alternatives were still being considered.
May 14, 2008 |
Electronic Arts Inc., the world's biggest video game company, posted a wider fiscal fourth-quarter loss Tuesday despite better-than-expected sales, triggering a nearly 4% drop in its shares in after-hours trading. EA, whose titles include "The Sims," "Madden Football" and "Medal of Honor," raked in revenue of $1.1 billion in the quarter ended March 31, up 84% from a year earlier.