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Take-Two Interactive Software, Inc. to Acquire 19.9% Interest in Bungie Software Products Corporation.

NEW YORK--(BUSINESS WIRE)--Aug. 12, 1999--

Take-Two Subsidiaries to Exclusively Distribute Bungie Software Games

in North America, Co-Publish Bungie Software Products in Europe and

Australia and Publish Bungie Video Game Products Worldwide

Leading Independent PC and Macintosh Publisher of Hit Myth

and Marathon Series of Games to Bring Highly

Anticipated Oni and Halo to Take-Two Companies

Take-Two Interactive Software, Inc. (NASDAQ: TTWO), today announced that its has agreed to acquire a 19.9% equity interest in Bungie Software Products Corporation in exchange for an undisclosed amount of cash. Bungie Software is a critically-acclaimed independent developer and publisher of such popular PC and Macintosh games as the Myth and Marathon series.

Take-Two also entered into an agreement with Bungie that will provide its Jack of All Games subsidiary with exclusive North American distribution rights to four upcoming Bungie titles, including Halo, Oni and two undisclosed projects. Additionally, Take-Two will co-publish these four titles in Europe and Australia, and Take-Two's Rockstar Games label has obtained rights to publish video game console versions of these games.

Shown publicly for the first time by Apple Computer, Inc.'s interim CEO Steve Jobs during his Macworld Expo keynote just four weeks ago, Halo is already one of the most highly anticipated games scheduled for release during 2000. Next Generation Online said of Halo, "It has the most impressive graphics and physics we've ever seen." IGN.com said, "There is no doubt that this game will have as great an effect on the industry as Doom." CNN Interactive said, "Halo will take players to new worlds."

Oni, which was recently featured on two consecutive covers of Computer Gaming World, as well as other publications around the world, was named best action/adventure game of industry trade show E3 by many industry trade publications. Computer Gaming World said, "Lara Croft may have opened the door for the third-person action game, but Oni's heroine could lead the charge to a whole new generation." Computer Games Strategy Plus called Oni "fresh and unique... A standout."

Alexander Seropian, President of Bungie, said, "Our newly formed relationship with Take-Two lets us continue creating the kind of totally unique action games that can only come from an independent developer and publisher like Bungie while still giving us access to the strong distribution resources offered by Take-Two."

Ryan Brant, Chief Executive Officer, stated, "The opportunity to work exclusively with Bungie is a significant step for Take-Two. This deal continues our efforts to create relationships that give Take-Two content partners access to the Company's broad reaching global publishing and distribution capabilities, while establishing a strong portfolio of gaming content for Take-Two to draw from. We believe Bungie is poised to establish itself as one of the most important and successful independent publishers in our industry and we are thrilled to be able to aid in their efforts to grow their company."

Based in Chicago, Bungie Software is a rarity in the electronic entertainment industry, a private corporation dedicated to both developing and publishing outstanding, immersive electronic games that surpass the boundaries of conventional technology and provide compelling and highly repeatable play. Makers of the hit games "Myth: The Fallen Lords" and "Myth II: Soulblighter", Bungie was recently inducted into the Inc. 500 as the 101st fastest-growing private company in the United States. For more information, surf to http://www.bungie.com.

Take-Two Interactive Software, Inc. is an integrated global developer, marketer, distributor, and publisher of interactive entertainment software games and accessories for the PC, Sony PlayStation, Nintendo 64, Nintendo Game Boy Color and the Sega Dreamcast. Take-Two is headquartered in New York City, with publishing, marketing, and sales offices in the United Kingdom, Germany, France, and Australia and a licensing office in Japan. The Company owns and operates the following development and/or publishing studios: Rockstar Games, Mission Studios, GearHead Entertainment, Tarantula Studios, and TalonSoft. The Company maintains a broad reaching partnership with, and 19.9% equity interest in, Gathering of Developers, the Dallas based corporate union of six of the world's premier game development companies. The Company's Jack of All Games subsidiary is a global value added distributor of entertainment software with distribution offices in Cincinnati, New York, London, Paris, Munich, Oslo, Stockholm, Copenhagen and Sydney. The Company owns and operates DVDWave.com, a Berkeley, California based Internet retailer of DVD movies.

All trademarks and copyrights contained herein are the property of their respective holders.

Safe Harbor Statement under the Private Securities Reform Act of 1995: The statements contained herein which are not historical facts are forward-looking statements that involve risks and uncertainties including, but not limited to, risks associated with the Company's future growth and operating results, the ability of the Company to successfully integrate the business and personnel of newly acquired entities into its operations, credit risks, inventory obsolescence, technological change, competitive factors, and unfavorable general economic conditions. Actual results may vary significantly from such forward-looking statements. Take-Two undertakes no obligation to update forward-looking statements contained within this press release.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Aug 12, 1999
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