May 29, 2009
Take-Two Interactive Chairman Strauss Zelnick seems like a pretty smart guy, so we were surprised to learn that he was actually considering buying a newspaper. In the end, he wised up, however.
Reuters reports that Zelnick decided to pass on acquiring the Austin American-Statesman. The Texas paper had a daily circulation of 152,691 as of March.
Zelnick's private equity firm ZelnickMedia Corp. never made a formal bid and decided to pull out of negotiations as the sorry state of the newspaper business continued to worsen.
Comments
Re: Take-Two's Zelnick Passes on Newspaper Purchase
In before Thompson gloats that Straus doesn't know what he's doing.
Re: Take-Two's Zelnick Passes on Newspaper Purchase
You don't invest in a failing company, I wish the people running "obamanomics" knows that.
"We invest in a sick and dying horse and we didin't win! Why did this happen?"
Then
"Hey guys, I gotta tell you that we lost a bunch of money when we bet on that horse so we gotta charge you 10-25% on everything you buy to make up that money even though it's primarly my fault."
Re: Take-Two's Zelnick Passes on Newspaper Purchase
Define "failing company". Is it one facing chapter 7 bankruptcy? One facing chapter 11 bankruptcy? One asking congress for help? One that's in need of a management change?
-Gray17
Re: Take-Two's Zelnick Passes on Newspaper Purchase
Does it really matter? If their filing bankruptcy obviously something is wrong with the company. Chapter 7 is management but those companie's got there in the first place through their own failing. Take for example Midway whom spent so much money on original IP that sucked, same with Ford and GM. It should be "You shoulden't have relied on your trucks and SUV's too bad so sad, you should have diversified." or, "You shoulden't have given out loans to people you know they can't pay back, you failed sorry." The concept of bailing out a company is insane because they failed in some way shape or form, they should be replaced by a company that doesn't fail. Don't keep those who fail at their job and get people who can keep their jobs.
Re: Take-Two's Zelnick Passes on Newspaper Purchase
same with Ford and GM
And yet oddly enough, Ford hasn't gotten a bailout, and isn't staring bankruptcy down the throat. Hence my asking what you're definition of what a failing company is.
-Gray17
Re: Take-Two's Zelnick Passes on Newspaper Purchase
The primary definition of capitalism, right there. The problem is that liberals are trying to spread a message that if people do something wrong, it's always someone elses fault. Therefore, nobody needs to be held responsible for their actions.
Also, just an FYI; it's GM and Chrysler that were bailed out. It's looking like Ford will be able to weather the storm without taxpayer's money.
Freedom of speech means the freedom to say ANYTHING, so long as it is the truth. This does not exclude anything that might hurt someone's feelings.
Re: Take-Two's Zelnick Passes on Newspaper Purchase
Imagine being the only paper on the continent that couldn't write stories about how GTA turns kids into cop killers. That's your entire technology section gone.
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The Mammon Philosophy
Fangamer
Re: Take-Two's Zelnick Passes on Newspaper Purchase
He's an intelligent man who made a sound business decision. Good for you Strauss.