 |
|
|
|||||
Shares in video game giant Take-Two Interactive Software, Inc. (Nasdaq: TTWO) are plummeting in early morning trading today after the companys subsidiary, Rockstar Games, announced that it is delaying the release of its next flagship title, Grand Theft Auto VI, from fall 2025 until May 2026. Heres what you need to know about the delay and how investors are reacting. Grand Theft Auto VI delayed until May 2026 In December 2023, Rockstar announced that GTA6perhaps the most anticipated game of all timewould launch in the fall of 2025. Now, the studio has announced the games release is being pushed back until May 26, 2026. Rockstars announcement was brief. In a short statement posted on its website, Rockstar apologized for the delay, suggesting that quality issues with GTA6 were the main driver for the later-than-planned release. With every game we have released, the goal has always been to try and exceed your expectations, and Grand Theft Auto VI is no exception, the company said. We hope you understand that we need this extra time to deliver at the level of quality you expect and deserve. It’s hard to understate the impact Rockstar Games and, in particular, its Grand Theft Auto franchise have had on the video game industryespecially the open-world genre, which allows players to roam nearly anywhere they want in a games virtual world. The Grand Theft Auto series began in 1997 as a 2D game, but the release of Grand Theft Auto III in 2001 and Grand Theft Auto: Vice City in 2002, with their 3D worlds, catapulted the franchise to its iconic status in the industry. Rockstar released the most recent version of the Grand Theft Auto franchise, Grand Theft Auto V, in 2013. It has since sold over 200 million copies and is the second-best-selling video game ever after Microsoft’s Minecraft. Rockstar has not released a video game since 2018s Red Dead Redemption 2, an open-world game set in the Wild West. So when the studio announced another sequel to the Grand Theft Auto franchise in late 2023, investors in Rockstar’s owner, Take-Two Interactive Software, saw the game as a major driver of profits in 2025. Thats why its unsurprising that Take-Two Interactive Softwares stock price is now falling. TTWO shares take a GTA6 beating As of this writing, the price of shares in Take-Two Interactive Software is down around 7% to $218.49 per share. However, that 7% dip signifies a bit of a recovery since markets opened this morning. Shares had been trading down around 9% earlier in the day. Despite Rockstar Games issuing a public announcement about GTA6s delay, Take-Two Interactive Software decided to as well. In a press release, Take-Two Interactives CEO Strauss Zelnick, said, We support fully Rockstar Games taking additional time to realize their creative vision for Grand Theft Auto VI, which promises to be a groundbreaking, blockbuster entertainment experience that exceeds audience expectations. He continued: While we take the movement of our titles seriously and appreciate the vast and deep global anticipation for Grand Theft Auto VI, we remain steadfast in our commitment to excellence. As we continue to release our phenomenal pipeline, we expect to deliver a multi-year period of growth in our business and enhanced value for our shareholders. Take-Two Interactive also said that it was reiterating that it would still achieve sequential increases in, and record levels of, Net Bookings in Fiscal 2026 and 2027. Grand Theft Auto VI was originally set to be released during Take-Two Interactives fiscal year 2026. Now with the game’s delay to late May 2026, Grand Theft Auto VI wont impact Take-Two Interactives numbers until the companys fiscal year 2027, and it appears investors are punishing the company for that in early morning trading today. Despite todays GTA6-fueled drop, TTWO shares are still up a respectable amount since the year begantheyve climbed by about 17.5% since January. Shares in the company are also up a very healthy 51% over the past 12 months. Take-Two Interactive Software also confirmed today that it will announce its Q4 results for fiscal year 2025 on May 15.
Category:
E-Commerce
Nearly four months after wildfires reduced thousands of Los Angeles-area homes to rubble and ash, some residents are starting to rebuild.In the Pacific Palisades neighborhood, construction workers recently began placing wooden beams to frame a house on a lot where only a charred fireplace remains standing. In the seaside city of Malibu and foothills neighborhood of Altadena, many land parcels where homes once stood are being cleared of debris.Hundreds of homeowners have sought city or county approval for new home designs and other permits to eventually rebuild or repair damaged homes, though few have gotten the green light to break ground.Some 17,000 homes, businesses and other structures burned to the ground in the Jan. 7 fires. It’s uncertain how much will be rebuilt.Many homeowners will not be able to afford it, even those with insurance. Some are still trying to figure out whether it’s safe to return to their properties, given limited data on the degree to which toxins from the fires, including lead and asbestos, may have permeated their land. Roughly 400 land parcels are already for sale in the fire-ravaged areas.Facing overwhelming loss and the chaos that comes with sudden displacement, those looking to rebuild must navigate an often confusing and time-consuming process. In most cases, it will take years for them to rebuild.LA issued its first building permit nearly two months after the fires started. It took more than seven months before the first building permit was issued following the Woolsey Fire in 2018.“Putting this in context of other disasters, the speed is actually probably faster than expected,” said Sara McTarnaghan, a researcher at the Urban Institute who studied the aftermath of urban wildfires in recent years in Colorado, Hawaii and California. Resolving to rebuild in Altadena Kathryn Frazier, a music publicist and life coach, had lived in her four-bedroom, three-bath house in Altadena for 10 years and raised her two children there. After her home burned to the ground, she was in shock and questioned whether it made sense to come back.But after conversations with neighbors, she became determined to rebuild.“I’m not leaving,” Frazier said. “That’s what kept coming up for everybody, and the more we all talked to each other the more we were all like ‘hell yes.'”She is making progress. Frazier hired a crew to clear the property of debris and she is nearly through the first phase of permitting, which involves getting county review and approval for her new home’s design. The next phase before receiving approval to begin construction includes reviews of electrical, plumbing and other aspects of the design.Frazier, 55, is rebuilding her home without major changes to its size or location in order to qualify for an expedited building permit approval process.“We are hoping to be building by June or July, latest,” she said. “I’ve been told that maybe by February or March of 2026 we could be back in our home.”For now, Frazier is getting quotes on windows, skylights and other home fixtures in hopes of locking in prices before they go up as more construction projects ramp up, or in response to the Trump administration’s ongoing trade war.“I’m doing things like scouring Home Depot, finding slate tiles that look modern and beautiful, but they’re actually really cheap,” she said. Recreating a home in the Palisades DeAnn Heline, a TV showrunner, knows what it’s like to build her dream house from the ground up.She waited more than two years for construction to be completed on the five-bedroom, eight-bath home with ocean views. Once the project was done, her husband vowed to never build another house. The family lived there for six years before it was destroyed in the Palisades Fire.“It was ash. There was nothing,” Heline said.The couple, who have two daughters, have lived in the neighborhood for more than 30 years. They couldn’t imagine giving up and not rebuilding.“Not only are we building another house, we’re building the exact same house again,” Heline said, noting the new home will have some upgrades including fire-resistant materials and sprinklers for the exterior of the house.Recently, they cleared debris from the land where the house once stood, a particularly onerous task because the home featured a large basement into which much of the structure collapsed as it burned.Heline isn’t sure when construction will begin, but figures it could be two or three years. She wonders, however, what the neighborhood will look like by then.“What are you going back to? You’re going back to a moonscape? Are you there and no one else is on your block, or are you going back to a construction zone for many more years?” she said. Banding together as a community The Eaton wildfire destroyed many of the more than 270 historic Janes Cottages in Altadena, including the three-bedroom home Tim Vordtriede shared with his wife and two young children.The family had only lived in the roughly 100-year-old house for three years.“We just loved the storybook cottage and the vibe, and of course the grander vibe of Altadena,” he said. “It was perfect.”Vordtriede, 44, has decided to rebuild, but not just yet. For now, he is using his experience as a construction project manager to help others who also lost their homes.He co-founded Altadena Collective, a group providing assistance with home designs and guidance on how to navigate the complex and lengthy approval process for rebuilding permits. Of the roughly two dozen clients that the group is serving, at reduced cost, three are in the early stages of the permitting process.Even after projects reach shovel-ready status, homeowners will have to wait perhaps more than a year before they can move in, he said.“My first statement when anyone walks in the door is: We’re not here to help you design your dream home,” Vordtriede said. “This isn’t a dream time. This is a nightmare, and our job is to get you out of the nightmare as soon as possible.” Alex Veiga, AP Business Writer
Category:
E-Commerce
Many industry insiders and cinephiles alike predicted that Joel Souzas Rust would simply remain unfinished, that its only legacies would be the tragic death of 42-year-old cinematographer Halyna Hutchins, which occurred on set, and the complicated legal proceedings that followed. However, despite Souza’s own misgivings, he completed the project. The Western film will see a limited U. S. release on roughly 150 screens beginning today (Friday, May 2) thanks to Falling Forward Films. Souza has been making the press rounds to explain this decision, which he says the Hutchins family supports, despite her mother making comments to the contrary. Here’s a recap of the tragic events and a look at why filmmakers have decided to release it now. What happened on the set of ‘Rust’? According to Vanity Fair, Souzawho both wrote and directed Rustfirst got the idea for the film in 2019 when driving around with his two sons. He worried about what would happen to them if he weren’t around to raise them. He could not have known how close that would be to coming true. When speaking to the Guardian, he mused, I wish I never wrote the damn movie. Souzas regret stems from a series of bad decisions that led to a prop gunheld by actor Alec Baldwindischarging a live round on, October 19, 2021, outside Santa Fe, New Mexico. Baldwin maintains that he did not pull the trigger, while a forensic report found otherwise. The bullet that killed Hutchins went through her chest and lodged in Souzas shoulder, inches away from his spine. He recovered, but has said that the joint still acts up, a physical reminder of the trauma of that day. How did the legal fallout impact the film? There were many debates over who exactly was responsible for the loss of life. Assistant director Dave Halls took a plea deal after failing to check the prop, resulting in six months of probation. Hannah Gutierrez-Reed, who served as the films prop armorer, was convicted of involuntary manslaughter and sentenced to 18 months in prison in 2024. The same year, charges against Baldwin for involuntary manslaughter were dismissed due to evidence being mishandled, as Reuters reported. Souza was never prosecuted. Why is ‘Rust’ being released now? At the time of the tragic events, only half of the movie was completed. Even Souza had doubts about finishing it but says he ultimately wanted to share Hutchinss final work with the world. We worked very closely together,” Souza explained to Vanity Fair. “The work she was doing was her best work, and for it to just vanish . . . After initially speaking out against the producers of the project, Hutchinss husband, Matthew, reached a settlement and joined as an executive producer in 2022. Another reason Souza wanted to complete the film was so Hutchins’s son Andros could see his moms work. Filming resumed on April 20, 2023. Bianca Cline stepped in as cinematographer to help finish Hutchinss vision. Souza not only dedicated the movie to Hutchins but also gave her second billing, which is not a standard industry practice. Souza maintains that the family wanted the film finished. However, Hutchinss mother, Olga Solovey, has taken issue with Baldwins actions after her daughters death. She reportedly refused to attend the films 2024 premiere at the Camerimage Film Festival. Alec Baldwin continues to increase my pain with his refusal to apologize to me and his refusal to take responsibility for her death, Solovey revealed in a statement to Deadline last year. Given that Rust is only getting a limited release in a reported 150 theaters, it is unlikely that ticket sales will amount to a big profit. (A typical movie opens in around 2,000 to 4,000 theaters.) It is also being simultaneously released on streaming services Amazon Prime Video, Apple TV+, and Fandango at Home thanks to Decal Releasing. According to reporting from the New York Times, this is to maximize profits, which are going to Hutchinss husband and son as part of the settlement. What is ‘Rust’ about? In a bitterly ironic turn of events, the plot of the film centers on an accidental shooting. Lucas Hollister, played by Patrick Scott McDermott, believes he is shooting a wolf that is threatening his home, but the bullet from his rifle instead kills a neighboring rancher. Because Lucas and the rancher had a disagreement, no one believes it was not intentional. The young boy is imprisoned until his grandfather, Harland Rust, played by Baldwin breaks him out. The parallels to real life are not lost on Souza. The movie is about what its about: the consequences of violence,” he explained to the Guardian. “Theres a real anti-gun aspect to it.” While Rust might not be a commercial success, the larger conversation it continues to spark about safety and accountability could be its greatest legacy.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||