The GameShark was launched in 1995 and lets players easily enable secret codes, short cuts, hints and cheats in games. In the 2002 calendar year, GameShark generated $30 million in revenue for InterAct and its parent company, Recoton.
Recoton officials stated that the net proceeds will be used to pay down debt. The GameShark name and website were owned by Recoton's video and computer game operations, which the company discontinued as of September 30, 2002 as part of a plan to reduce the company's debt and restore profitability.
Mad Catz said it anticipates shipping its own GameShark products beginning in March.