Take-Two Talks Turnaround

The company will institute a 100-day plan to restructure.
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The new management at

Take-Two Interactive

(TTWO) - Get Report

has unveiled a "100-day plan" for revitalizing and restructuring the video game publisher's business.

As part of the plan, interim CEO Ben Feder said in a Tuesday conference call that the company would concentrate on reviewing and optimizing the organizational structure, complete the hiring of all key management that recently left the company and address the cost structure of the firm.

Shares of Take-Two were up 14 cents, or 0.7%, to $2.52 in extended trading.

Take-Two also will look at developing strategic alternatives for assets that it terms as "noncore" to its business and look to make all "core" businesses profitable, said Feder.

However, profitability of Take-Two's 2K Sports division, which had earlier been forecast to happen in calendar 2007, might get delayed till the next year, said Zelnick.

But the company stuck to its expectations that second-quarter revenue will fall 25% from a year earlier, said Strauss Zelnick, chairman of Take-Two.

Take-Two is expected to post a loss of 41 cents a share on revenue of $211.15 million, according to Thomson Financial, compared with a loss of 71 cents a share on revenue of $265.1 million the year before.

Take-Two also will stick to the 2007 product release schedule.

The company's update comes a day after Take-Two's chief financial officer, Karl Winters,

resigned nearly two weeks after shareholders sent the company's former CEO and the entire board of directors packing.

The changes took place after a

group of shareholders consisting of Oppenheimer Funds, S.A.C. Capital Management, Tudor Investment and D.E. Shaw Valence Portfolios replaced former CEO Paul Eibeler and the entire slate of board of directors at Take-Two.

The group installed

Zelnick, founder of management consultant firm ZelnickMedia, as Take-Two's new chairman and Zelnick's colleague Feder as CEO.