Take-Two eyes studio buys from GTA VI cash

Take-Two is already mapping out how it will use the cash from GTA VI, with Strauss Zelnick indicating that some of the game’s profits will be directed toward buying more studios.

FY27 bookings outlook

The publisher expects net bookings of $8.0–8.2 billion in fiscal year 2027, a figure it says would be about 20% above last year, with GTA VI as the main driver. GTA VI launches November 19, 2026 on PS5 and Xbox Series X|S.

On the Q4 FY26 earnings call, Zelnick described two paths for growth: organic, which includes hiring, new game development and quality improvement, and inorganic, meaning acquisitions. He said Take-Two has been disciplined about M&A and plans to keep that approach.

Zelnick on acquisitions

"I'm proud to say that over almost two decades, every single one of our acquisitions has been successful. I think the reason is we're extraordinarily disciplined. As our capital position continues to improve, you can expect inorganic growth as well."

Take-Two’s two latest deals were Gearbox Entertainment, the Borderlands studio bought in 2024 for $460 million, and Zynga, the mobile company acquired in 2022 for $12.7 billion. Zelnick said both were wins, although Zynga’s integration ran into headwinds from a wider slowdown in the mobile games market after the deal closed.

Cash, targets and scrutiny

Analysts surveyed by 24/7 Wall St expect Take-Two to produce more than $1 billion in operating cash flow in FY27, which would give it substantial room for acquisitions. The company’s stock rose about 6% when the GTA VI release date was confirmed on May 21.

Shareholder pressure over how that cash is used — acquisitions or buybacks — is expected to grow as launch day gets closer. Zelnick has described future targets as "creative studios only," which analysts interpret as a sign that Take-Two will avoid large platform or tech deals.

That stance also matters under post-FTC scrutiny, with the Microsoft-Activision deal setting a new standard for how gaming consolidation is reviewed. No acquisition targets have been named.

GTA VI revenue wave

The PC version of GTA VI is expected in 2027, which would add another wave of revenue after the console release. Development costs for GTA VI are estimated at $1.0–1.5 billion, according to Kotaku, not the $2 billion figure that has circulated online; Take-Two does not officially disclose budgets.

Even without any new purchases, the game’s launch is set to be one of the biggest revenue events in entertainment history.