Would Sony like to take over the publisher Take-Two? After yesterday’s rumors made the round, it’s back again today. The assumption is based solely on market speculation.
Since yesterday evening the rumor goes round that Sony strives to acquire the Publisher Take-Two. That would be a takeover, with the game landscape would be changed permanently.
The rumor was spread by MarketWatch. The publication referred to a statement by Joel Kulina, head of technology and media trading at Wedbush Securities, who announced a deal, according to MarketWatch. In the original message, the editors wrote that Sony is “in advanced board-level discussions” to “essentially acquire Take-Two Interactive in cash.”
They are pure speculations
But what is this rumor about? Joel Kulina has since intervened, stressing that this assumption is not based on any source. Kulina in the wording:
“This is a purely unconfirmed market speculation that makes the rounds. I am by no means the source of this story and not sure who quoted me for not talking to anyone on the phone (unless someone saw a trading note I wrote). “
In the said trading note, it was pointed out that there are no sources and the takeover rumors are unconfirmed. Sue Chang and Chris Matthews, the authors of the MarketWatch article, also emphasized that the Kulina memo was used as the source of their testimony. Elsewhere, they would not have heard of the speculative takeover.
“The stock shot up today at the start of trading and topped the S & P 500. And I was just looking for plausible explanations, “says Matthews. “Joel is in a good position to know what drives individual tech stocks, even rumors. As for timing, [Take-Two]’s stock was already well on its way out before his e-mail went out. So it was not his spread of the rumor that triggered the rise. “
Original article adapted
Meanwhile, the text has been adapted to MarketWatch. There, the only reason to take Take-Two’s stock price is: “Joel Kulina, director of technology and media trading at Wedbush Securities, cited rumors in a note to customers about a potential takeover interest from Sony.”
What does that mean for the takeover rumors? It should be noted that the assumptions are based solely on speculation. Whether they prove themselves or not, is open.
Update: Sony has assured Bloomberg reporter Yuji Nakamura that there is nothing in the coverage reports. Investors do not seem so sure, as Take-Two’s share price is still rising.
Everyone including Wedbush already knew this, but here you go for the record: Sony confirmed to me there's "no truth" to reports that it will acquire Take Two— Yuji Nakamura (@ynakamura56) March 14, 2019