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Take-Two's (TTWO) Irrational Games To Close Its Doors

Stocks in this article: TTWO

NEW YORK (TheStreet) --  Take-Two Interactive Software's (TTWO) Irrational Games, the studio behind the popular BioShock franchise, is shuttering its doors.

In a blog post published on Irrational Games' homepage, director Ken Levine explains, "While I'm deeply proud of what we've accomplished together, my passion has turned to making a different kind of game than we've done before.

"To meet the challenge ahead, I need to refocus my energy on a smaller team with a flatter structure and a more direct relationship with gamers. In many ways, it will be a return to how we started: a small team making games for the core gaming audience."

The studio will close after it rolls out the last downloadable content package for BioShock Infinite.

Levine and 15 of the current staff will form a "smaller, more entrepreneurial endeavor" within Take-Two with the aim of making "narrative-driven games for the core gamer that are highly replayable" and exclusively digitally downloadable. The remaining employees will be laid off.

Take-Two shares are rallying on Friday's news that David Einhorn's Greenlight Capital had taken a stake of 4.2 million shares, or 3.4% of shares outstanding. The stake is worth around $80 million.

By late afternoon, shares had added 6.3% to $20.32. Trading volume of 5.1 million exceeded its three-month daily average of 3.9 million.

Must Read: Game On: Activision Blizzard vs. Take-Two vs. EA

Also Watch: Grand Theft Auto Win Can't Save Take-Two From Poor 4Q Guidance

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