Activist Investor Icahn Buys Take-Two Shares

Prominent activist investor Carl Icahn has purchased a small but significant stake in major game publisher/developer Take-Two Interactive, according to an SEC filing made by him and relayed on by financial website Bloomberg.com. Icahn currently owns 1.1 percent of Take-Two, equating to 800,000 shares of stock, it was revealed, fueling speculation that he may try to take a lobbying role to attempt to affect the company's future, as he has done with other companies including Time Warner in the recent past. Take Two, which is the parent company of labels including 2K Games and Rockstar Games, is currently being investigated by the U.S. Securities and Exchange Commission (SEC) regarding stock grants, and has been the target of numerous legal confrontations, including an investigation by the Federal Trade Commission, a grand jury subpoena against both it and subsidiary Rockstar, mainly over the infamous Grand Theft Auto: San Andreas “Hot Coffee” affair. Its share are at $11.28, down from a 52-week high of $25.91, largely due to these issues. The investor, who also purchased shares of anti-virus software maker Symantec and health insurance firm Cigna in the most recent quarter, became known as a corporate raider following his hostile takeover of TWA in the mid-80s, and is noted for buying up minority shares in companies and then campaigning for changes that might affect the company's share price positively.