Take-Two Shaken but Undeterred

Though Take-Two(TTWO) is hitting turbulence especially after Thursday's change of management, the video-game publisher is still focused when it comes to its biggest cash cow.

While CEO Paul Eibeler and the board of directors were being voted out Thursday, the company debuted the trailer for its much-awaited game, Grand Theft Auto IV.

Rockstar Games, the development division of Take-Two, offered the first peek into the game's look and characters on its Web site.

Take-Two plans to release the game for Sony's(SNE) PlayStation 3 console and Microsoft's(MSFT) Xbox 360 on Oct. 16 in the U.S. and Oct. 19 in Europe.

Shares of Take-Two fell 58 cents, or 2.8%, to $20.52 midday Friday. The stock had soared nearly 20% since the news of the dissident shareholder filing on March 7.

The trailer titled "Things Will Be Different" indicates that Grand Theft Auto IV is likely to be set in Liberty City, a setting that Take-Two has used in an earlier installment of the series.

The Grand Theft Auto series of games has been a huge hit and has sold more than 40 million copies. The franchise also has brought much trouble for Take-Two. The company has drawn extensive criticism for the violence and racy content in the games.

In 2004, Take-Two faced an uproar over a hidden module in its game, Grand Theft Auto: San Andreas. Controversy about the content had Sen. Hillary Clinton calling for legislation limiting sales of video games to minors.