Take-Two Shaken but Undeterred

The series also has drawn critics such as Jack Thompson, who has become a major gadfly for the company.

At its annual meeting Thursday, the group of shareholders consisting of Oppenheimer Funds, S.A.C. Capital Management, Tudor Investment, D.E. Shaw Valence Portfolios and ZelnickMedia forced out existing management. Collectively, the group owns about 46% of the company.

The consortium also succeeded in installing Strauss Zelnick, founding partner of ZelnickMedia, as the new chairman of Take-Two.

The Take-Two board of directors now consists of Strauss Zelnick, Ben Feder, Jon J. Moses, Michael Dornemann, Michael James Sheresky and John Levy, who is an incumbent, independent director of Take-Two.

Grover C. Brown, another incumbent, independent director, was also elected as a director at a meeting of the new board of directors held after the stockholders meeting.