GT Interactive Software
![]() |
|
Former type | Public |
---|---|
Industry | Interactive entertainment |
Fate | Stake purchased by Infogrames |
Successor(s) | Infogrames Interactive |
Founded | 1993 |
Founder(s) | Ron Chaimowitz, Cayre Family |
Defunct | 2000 (became Infogrames Entertainment, SA, then Atari, Inc in 2003) |
Headquarters | New York, NY, USA |
Area served | World |
Key people | Ron Chaimowitz Kenneth Cayre Joseph Cayre Stanley Cayre Harry M. Rubin |
Products | Unreal ('96-'99 period), Mortal Kombat III, Mortal Kombat Trilogy, Doom II, Quake, Duke Nukem, Oddworld, Rogue Trip: Vacation 2012, Select Beavis and Butt-head video games |
Revenue | ![]() |
Operating income | ![]() |
Net income | ![]() |
Employees | 1,168 (August, 1999)[3] |
Parent | Good Times Home Video |
Subsidiaries | Humongous Entertainment, Legend Entertainment, Reflections Interactive, Cavedog Entertainment |
GT Interactive Software Corporation (Good Times[4] or GTI[4]) was an American video game publisher and distributor, which later developed both video games and PC games.
GT Interactive ceased to exist in December 1999 when Infogrames Entertainment SA (IESA) took a controlling stake and renamed the company Infogrames, Inc.[5] In 2003, Infogrames Inc. changed its name to Atari Inc.[6]
History[edit]
1993 – GT Interactive is founded[edit]
GT Interactive was founded in 1993 as a division of Good Times Home Video, a video-tape distributor owned by the Cayre family with Ron Chaimowitz as co-founder and President. That same year, the publisher saw the release of their first shareware title, the hugely popular Doom, eventually sell 2.9 million copies.[7] In its first year, revenue reached $10.3 million.[8]
1994 – 880% revenue growth[edit]
GT Interactive revenue soared 880% and reached $101 million on its second year of existence and profits reached $18 million.[9] GT Interactive's partnership with id Software scored another hit with Doom II: Hell on Earth, which was released in October and sold over 2 million copies.
1995 – GT Interactive's IPO[edit]
In February, GTIS obtained the publishing rights to games based on Mercer Mayer property, which included Little Critter and Little Monster.[10] GT Interactive began to set up displays at K-Mart and Wal-Mart for low cost software.[11]
GTIS signed an exclusive software supplier agreement with Wal Mart,[12] that meant according to UBS Securities analyst Michael Wallace: "All software developers have to deal with GT if they want to sell in a Wal-Mart."[8]
In December, GT Interactive debuted on Nasdaq, its IPO raised $140 million and was one the biggest IPOs of the year only losing to the IPO of Netscape.[13][14] GT Interactive Software Corporation was listed on Nasdaq as GTIS.[15]
GT Interactive offered 10 million shares to the public at $14 each.[14] During GT Interactive's IPO, Appellee Cayre sold more than 1.4 million shares, 9.2% of his shares, for a $20 million return.[14]
GTIS reported a strong revenue growth of 134% in the year to $234.4 million but, in the first sign of trouble ahead, profits increased a meager 23% to $22.6 million.[3]
1996 – Humongous Entertainment is acquired[edit]
In January, GT Interactive obtained the publish rights for the highly anticipated Quake from id Software.[16] In February, GTIS and Target signed an agreement in which GT Interactive became the primary consumer software supplier to all Target's 675 stores.[17]
In June 1996 GTIS acquired WizardWorks, which developed Deer Hunter, for 2.4 million shares and FormGen, which had the publishing rights of Duke Nukem, for 1 million shares[15] or $17 million.[18]
Quake was also released in June by GT Interactive for PC game. Quake sold 1.8 million copies and became a classic PC game.[19]
In July, the game developer Humongous Entertainment was bought by GT Interactive for 3.5 million shares or $76 million.[20] In 1995, Humongous Entertainment's revenue had risen to $10 million, an increase of 233% over 1994's revenue of $3 million.[20] The deal gave GT Interactive rights to successful children's software titles such as the Putt-Putt franchise as well as the Freddie the Fish and Spy Fox series.
In November, GTIS acquired Warner Interactive Europe for $6.3 million in cash, with this acquisition GTIS gained access to software markets in Western Europe.[15]
In a further sign of uncertainty about GT's future, GTIS, for the year, reported a net income increase of only 11% over the previous year to $25.1 million. Revenue growth also decelerated to 56%, revenue for the year was $365 million. Making matters worse, net income in the fourth quarter reduced 16.8% to $8.5 million when compared to 1995's fourth quarter.[3]
1997 – $530 million in revenues but $25 million net loss[edit]
In January, GT bought One Stop, a European value software publisher, for $800,000 in cash.[15]
In June, GTIS signed a deal with MTV, the deal gave GTIS the rights to publish games based on Beavis and Butt-head and Aeon Flux.[21]
On October, GTIS bought game developer SingleTrac for $14.7 million, $5.4 million in cash and $9.3 million in stock. SingleTrac owned and developed such games as Twisted Metal and Jet Moto.[22] In September game developer Cavedog Entertainment, a division of Humongous Entertainment,[23] made its first release, Total Annihilation,[24] which sold more than 1 million copies.[3]
On October 5, 1997, GTIS announced that it had signed a definitive agreement to acquire MicroProse for $250 million in stock; the deal had even been unanimously approved by the Board of Directors of both companies and was expected to be completed by the end of that year.[25][26]
But on December 5 the acquisition was cancelled, according to both CEOs "the time is simply not right" for the deal. MicroProse's stock plummeted after the announcement of the deals cancellation.[27][28]
GTIS's result was negatively affected because, in March, GTIS stopped being the exclusive computer software distributor to Wal Mart, who decided to buy its software directly from the publishers.[29]
In 1997 GT Interactive's share of the Entertainment software market reached a historical low of 6.4% down from the record highs of 9% and 10% years earlier. GT Interactive was a leader only on the arcade/action category, with a 20.3% market share. Making matters worse, GT Interactive also had a high debt/equity ratio of 41%, Electronic Arts had a debt/equity ratio of just 8%. For 1997 GTIS's return on equity was a dismal -16.14%.[30] For the year, GTIS's revenue growth continued to decelerate, increased only 45% to $530 million.[31] During 1997 GT Interactive posted its first net loss, totalling $25 million.[3]
1998 – Revenue growth falls to 10%[edit]
In May, Epic Games's Unreal was published by GT Interactive, in the first 10 months over 800,000 copies were sold. Coincidentally Deer Hunter II, which was released in October also sold 800,000 copies.[3]
In November, GTIS bought One Zero Media for $17.2 million in stock, becoming the first game publisher to own an entertainment Internet website.[22]
Legend Entertainment was acquired for around $2 million,[22] while Reflections Interactive was acquired for 2.3 million shares or $13.5 million.[22] Both companies were bought in December of 1998.[32]
In the fourth quarter of 1998 GT Interactive posted a net income of $16.7 million on revenues of $246.3 million.[1] For the year, GT Interactive reported revenues were almost flat rising 10% to $584 million, but GT Interactive swung into black by posting a $20.3 million net income (results from the fiscal year ending on December 31, 1998).[1][3]
1999 – Infogrames buys GT Interactive[edit]
The year of 1999 brought bad news for GT Interactive's shareholders: GTIS posted first quarter losses of $90 million due to restructuring costs.[3] In February, in light of the bad results, CEO Ron Chaimowitz was replaced.[31]
Games sales in 1999 fell in comparison to 1998, which had dire consequences on GTIS's finances. In April, GTIS predicted for 2000 a first quarter loss of $55 million on revenues of around just $95 million. A failure to release 5 major games and a planned relocation to Los Angeles added to the losses.[33] In June, GTIS announced it had hired Bear Stearns to look into the possibility of either a merger or a sale of the company and in October GT Interactive fired 35% of its workforce or 650 employees mostly from its distribution section.[34]
In June Reflection's Driver was released, selling approximately 1 million copies.[3] In July GTIS sold One Zero Media for $5.2 million in cash, just six months after it was purchased.[22]
On November 16, Infogrames announced that it would buy 70% of GT Interactive for $135 million and assume $75 million in bank debt. By June 2000, Infogrames had invested $30 million in GT.[34]
Ten days later GT Interactive made one of its last releases, the classic Unreal Tournament which went on to sell more than 1 million copies.[35]
IESA's acquisition came just in time because GT Interactive's 1999 results were dismal. Revenues fell 30% to $408 million in 1999 and GT Interactive posted a net loss of $254 million for the year (results with the fiscal year ending on December 31, 1999).[1][2]
On December 16, the deal was consummated and GT Interactive was no more, becoming Infogrames, Inc., a subsidiary of IESA.[3]
IESA has since retired the GT Interactive brand, after Infogrames, Inc. became Atari, Inc in 2003.[36]
Games published[edit]
Game Boy[edit]
Game Boy Color[edit]
Macintosh[edit]
- 9: The Last Resort
- Bedlam
- Blood
- Doom II
- Hexen
- Ice and Fire
- Lode Runner: The Legend Returns
- Lode Runner 2
- Rocky Mountain Trophy Hunter
- ZPC
Nintendo 64[edit]
- 40 Winks (Cancelled), PlayStation only release
- 7th Legion
- DethKarz
- Duke Nukem 64
- Duke Nukem: Zero Hour
- Hexen
- Mike Piazza's Strike Zone
- Ultra Combat (Cancelled[37])
- Unreal N64 (Cancelled[38])
Microsoft Windows[edit]
- 1602 A.D.
- 9: The Last Resort
- AHX-1
- Amok
- Animorphs
- Area 51 (Arcade)
- Beavis and Butt-head Do U.
- Beavis and Butt-head: Bunghole in One
- Bedlam
- Blood
- Blood: Plasma Pak
- Blood II: The Chosen
- Blood II: The Chosen - The Nightmare Levels
- Bug Riders
- Carnivores (game)
- Chasm: The Rift
- Clans
- Dark Vengeance
- Deep Sea Trophy Fishing
- Deer Hunter 2
- Disciples: Sacred Lands
- Discworld Noir
- Doom II
- Driver
- Duke: Nuclear Winter
- Duke Nukem 3D: Atomic Edition
- Duke Nukem 3D: Kill-A-Ton Collection
- Duke Nukem: Land of the Babes
- Hordes
- Ice and Fire
- Imperium Galactica
- Imperium Galactica II: Alliances
- Jeff Wayne's The War of the Worlds
- Locus
- Lode Runner 2
- Mage Slayer
- Man of War II: Chains of Command
- Master Levels for Doom II
- M.I.A.: Missing in Action
- NAM (aka. Napalm)
- Oddworld: Abe's Exoddus
- Oddworld: Abe's Oddysee
- Powerslide
- Pro Bass Fishing
- Quake
- Ravage DCX
- Rebel Moon Revolution
- Rebel Moon Rising
- Robotron X
- Rocky Mountain Trophy Hunter
- Rocky Mountain Trophy Hunter 2
- S.P.Q.R.: The Empire's Darkest Hour
- Sensible Soccer 98
- Shadow Warrior
- Snowmobile Championship 2000
- Snowmobile Racing
- Star Command: Revolution
- SuperKarts
- Swamp Buggy Racing
- The Wheel of Time
- Tiger Shark
- Tides of War (1999)
- Total Annihilation
- Total Annihilation: Battle Tactics
- Total Annihilation: The Core Contingency
- Totally Unreal
- Trans Am Racing
- Trophy Hunter
- Unreal
- Unreal Mission Pack: Return to Na Pali
- Unreal Tournament
- WWII GI
- XS
- Z
- ZPC
PlayStation[edit]
- 40 Winks
- Beavis and Butt-head: Get Big in Hollywood
- Bedlam
- Bug Riders
- Courier Crisis
- Critical Depth
- Dead Ball Zone
- Discworld Noir
- Driver
- Driver 2
- Duke Nukem: Land of the Babes
- Duke Nukem: Time to Kill
- Duke Nukem: Total Meltdown
- Hexen
- Invasion from Beyond
- Jeff Wayne's The War of the Worlds
- Oddworld: Abe's Exoddus
- Oddworld: Abe's Oddysee
- Rebel Moon
- Rogue Trip: Vacation 2012
- Sensible Soccer 2000
- Streak: Hoverboard Racing
- Tiger Shark
- Trash It!
- Z
Sega Saturn[edit]
- Area 51 (Europe)
- Courier Crisis
- Defcon 5 (Europe)
- Doom
- Hexen
- Ultimate Mortal Kombat 3 (Europe)
- Maximum Force
- Mortal Kombat Trilogy (Europe)
- Rampage World Tour (Europe)
- Trash It!
- Z
Games developed[edit]
Macintosh[edit]
PC[edit]
- AHX-1
- Bedlam
- Driver
- Hordes
- SPQR: The Empire's Darkest Hour
- Seventeen Style Studio
- Snowmobile Championship 2000
- Tag Team Wrestling
PlayStation[edit]
References[edit]
- ^ a b c d e f SEC Info - Atari Inc - 10-Q - For 12/31/99, As Of 2/14/00 - Table in Document 1 of 2 - 10-Q - Gt Interactive Software Corp
- ^ a b c SEC Info - Atari Inc - 10-K - For 3/31/99, On 6/29/99 - Table in Document 1 of 9 - 10-K - Gt Interactive Software Corp
- ^ a b c d e f g h i j SEC Info - Atari Inc - 10-K - For 3/31/99
- ^ a b Kushner, D. (2003). Masters of Doom: How Two Guys Created an Empire and Transformed Pop Culture. Random House. ISBN 0-375-50524-5
- ^ "Infogrames Entertainment Corporate Profile and Annual Report" (PDF). Infogrames Entertainment SA. Fiscal Year 2005-2006. p. 7. Retrieved 2007-11-06.
- ^ Atari Inc. (March 31, 2003). "10-KT · For 3/31/03, Overview Subsection". Atari Inc. Retrieved 2007-11-06.
- ^ "Now What Was That GT and Hasbro Were Saying About American Game Purchasers Being a Group of 17-28 Year Olds Only Interested in Bloody Games?". Just Adventure. Archived from the original on 2010-12-06. Retrieved 5 February 2012.
- ^ a b 09/02/96 LOTS OF "DOOM" BUT NO GLOOM
- ^ SEC Info - Atari Inc - 10-K - For 3/31/99, On 6/29/99 - Table in Document 1 of 9 - 10-K - Gt Interactive Software Corp
- ^ GT INTERACTIVE REPORTS RECORD SECOND QUARTER REVENUES; Publishing Business Increases Nearly 300 Percent. - Free Online Library
- ^ SEC Info - Atari Inc - POS AM - On 5/1/97
- ^ "Software tops retailers' sales growth list for '94/'96 - Hot Growth Categories". Discount Store News. 1995.
- ^ "GT Interactive Co-founder Named CEO of The Auction Channel Ron Chaimowitz to Lead U.S. Launch and Global Roll-out of The Auction Channel Programming". Business Wire. October 27, 1999.
- ^ a b c FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code
- ^ a b c d SEC Info - Atari Inc - 10-Q - For 6/30/97
- ^ "GT Interactive Software signs id Software's highly anticipated 'QUAKE'; GT to Publish 'Quake' for all gaming hardware systems". Business Wire. January 11, 1996.
- ^ GT Interactive and Target Stores enter distribution agreement; GT Interactive to Become Primary Software Vendor to More Than 600 Target Stores Nationwide. - Free Online Library
- ^ Game Matters: Royal tease
- ^ Now What Was That GT and Hasbro Were Saying
- ^ a b Baker, M. Sharon (July 14, 1996). "Humongous lives up to name with $76 million sale".
- ^ "GT Interactive and MTV: Music Television announce global multi-title publishing agreement". Business Wire. June 18, 1997.
- ^ a b c d e SEC Info - Atari Inc - 10-Q - For 12/31/99
- ^ MobyGames - Cavedog Entertainment
- ^ cavedog - GameSpot
- ^ "GT Interactive to Expand as World's Fastest Growing Interactive Entertainment Company Through Acquisition of MicroProse". Business Wire. October 5, 1997.
- ^ "$250 Million Stock Deal for Microprose". The New York Times. October 6, 1997. Retrieved May 4, 2010.
- ^ [at /www.cbronline.com/article_cg.asp?guid=99237717-6B91-4283-9EC4-3338CE1B46B0 MICROPROSE AND GT INTERACTIVE CALL OFF MERGER - Computer Business Review]
- ^ "Company News; Microprose And Gt Interactive End Merger Talks". The New York Times. December 6, 1997. Retrieved May 4, 2010.
- ^ http://findarticles.com/p/articles/mi_hb5057/is_199703/ai_n18409474. Missing or empty
|title=
(help)[dead link] - ^ ElecArts.PDF
- ^ a b Gt Interactive Hires Disney Honcho, Raises Cash
- ^ Amazon.com: Game Design, Second Edition: Books: Bob Bates
- ^ "GT Interactive Predicts Q4 Loss, Cuts 650 Jobs". Computergram International. 1999.
- ^ a b "Infogrames Gets Control of GT Interactive". The New York Times. November 16, 1999. Retrieved May 4, 2010.
- ^ "Infogrames Unleashes Unreal Tournament: Game Of The Year Edition To The Mass Market This Fall". Market Wire. 2005.
- ^ Microsoft Word - couverture_GB.doc
- ^ Nintendo Power, Volume 86, page 15
- ^ http://ign64.ign.com/objects/001/001975.html
External links[edit]
- GoodTimes Entertainment
- Defunct video game companies
- Companies based in New York City
- Defunct companies based in New York City
- Defunct companies based in New York
- Companies established in 1993
- Entertainment Software Association
- Software companies based in New York
- Technology companies disestablished in 2000