Exhibit 99.1

Take-Two Interactive Software, Inc. Reports Financial Results for Third Quarter Fiscal 2012

Net Revenue was $236.3 Million

Non-GAAP Net Income Per Diluted Share was $0.27

New York, NY — February 2, 2012 — Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the third quarter of its fiscal year 2012, ended December 31, 2011, that were in line with its most recent financial outlook.  In addition, the Company updated its financial outlook for the fourth quarter and fiscal year 2012, ending March 31, 2012.

For the third quarter of fiscal 2012, net revenue was $236.3 million, as compared to $334.3 million for the third quarter of fiscal 2011, which had benefited from the post-launch performance of Red Dead Redemption and the releases of Red Dead Redemption: Undead Nightmare and Grand Theft Auto IV:  Complete.  GAAP income from continuing operations was $14.2 million, or $0.16 per diluted share, for the third quarter of fiscal 2012, as compared to GAAP income from continuing operations of $40.8 million, or $0.45 per diluted share, for the year-ago period.  Non-GAAP net income was $29.0 million, or $0.27 per diluted share, as compared to Non-GAAP net income of $49.5 million, or $0.52 per diluted share, for the year-ago period.  The Company’s issuance of 1.75% convertible senior notes due 2016 in November 2011 reduced GAAP net income per diluted share by $0.02 and Non-GAAP net income per diluted share by $0.04.

The strongest contributors to net revenue in the third quarter were the release of NBA 2K12; catalog sales led by the Grand Theft Auto franchise, Red Dead Redemption, Midnight Club Los Angeles and Borderlands; and continued sales of L.A. Noire.  Digitally delivered content accounted for 11% of net revenue, driven by offerings for the Grand Theft Auto franchise — particularly the Grand Theft Auto III — 10th Anniversary Edition for iOS and Android, Red Dead Redemption, Borderlands and L.A. Noire.

For the nine-month period ended December 31, 2011, net revenue was $677.7 million, as compared to $954.6 million for the year-ago period.  GAAP loss from continuing operations was $41.7 million, or $0.50 per diluted share, as compared to GAAP income from continuing operations of $76.2 million, or $0.88 per diluted share, for the year-ago period.  Non-GAAP net loss was $8.4 million, or $0.10 per diluted share, as compared to Non-GAAP net income of $108.8 million, or $1.15 per diluted share, for the year-ago period.

Management Comments

“During the fiscal third quarter, we continued to execute strategically, creatively and operationally,” said Strauss Zelnick, Chairman and CEO of Take-Two.  “We delivered results that were solidly within our expectations, driven by strong holiday demand for NBA 2K12, our popular catalog titles and digital offerings.

“Take-Two’s future is extraordinarily promising.  We have a proven strategy focused on building compelling interactive entertainment franchises, the strongest development pipeline in the Company’s history, and ample resources to pursue our many growth opportunities.  Fiscal 2013 is expected to be one of our best years ever, with substantial revenue growth and Non-GAAP net income in excess of $2.00 per diluted share.  We are well positioned to continue to deliver growth and profitability over the long-term.”

Business and Product Highlights

Since October 1, 2011:

·                  Take-Two raised $250 million through a private offering of 1.75% convertible senior notes due 2016.  The net proceeds from the offering will be used for general corporate purposes, which may include acquisitions and other strategic investments and the refinancing of indebtedness.  In addition, the Company amended its senior secured revolving credit facility on significantly improved terms.

Rockstar Games:

·                  Released Red Dead Redemption: Game of the Year Edition, featuring the original title and all subsequently released add-on content.  The Red Dead franchise has sold-in over 13 million units worldwide.

·                  Announced that Grand Theft Auto V, the next installment in the interactive entertainment industry’s most iconic and critically acclaimed franchise, is in full development.

·                  Released L.A. Noire: The Complete Edition, featuring the original title and all subsequently released downloadable content, for the Xbox 360, PS3 and PC.  L.A. Noire has sold-in nearly 5 million units worldwide since its launch.

·                  Released a special edition of Grand Theft Auto III for mobile phones and tablets running iOS and Android in celebration of the game’s 10th anniversary.  The title is Take-Two’s highest selling mobile offering to date.

·                  Announced that Max Payne 3 is planned for launch for Xbox 360 and PS3 on May 15, 2012 in North America and May 18, 2012 internationally; and for the PC on May 29, 2012 in North America and June 1, 2012 internationally.

2K:

·                  2K Sports released NBA 2K12 to critical acclaim and the highest review scores in the history of the franchise (90 — Metacritic).  The game was supported with the Legends Showcase downloadable content during the 2011 holiday season.  The label also released NBA 2K12 for the iPhone, iPod touch and iPad.  NBA 2K12 has sold-in nearly 4 million units to date.

·                  2K Sports announced that Cy Young Award winning pitcher, Justin Verlander of the Detroit Tigers, will be the cover athlete for Major League Baseball 2K12 when it launches on March 6, 2012.

·                  2K Games announced that XCOM: Enemy Unknown is in development at Firaxis Games, the creative team behind the iconic Sid Meier’s Civilization franchise.  This title, which will feature both deep strategy and intense action, is planned for release in fall 2012.

Financial Outlook for Fiscal 2012

Take-Two is updating its financial outlook for the fourth quarter and fiscal year ending March 31, 2012 as set forth below.  This revised outlook primarily reflects the impact of the previously announced change to the planned release date for Max Payne 3 from fourth quarter fiscal 2012 to first quarter fiscal 2013.

(a)          The Company’s stock-based compensation expense for the periods above includes the cost of approximately 3.7 million shares issued to ZelnickMedia that are subject to variable accounting.  Actual expense to be recorded in connection with these shares is dependent upon several factors, including future changes in Take-Two’s stock price.

Key assumptions and dependencies underlying the Company’s guidance include continued consumer acceptance of current generation video game and computer entertainment systems; the ability to develop and publish products that capture market share for these systems; the timely delivery of the titles detailed in this release; and stable foreign exchange rates.  See also “Cautionary Note Regarding Forward Looking Statements” below.

Product Releases

The following titles were released since October 1, 2011:

*North American release date; international release date typically follows three days after.

Take-Two’s lineup of future titles announced to date includes:

*North American release date; international release typically follows three days after.

Conference Call

Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics.  The call can be accessed by dialing (877) 407-0984 or (201) 689-8577.  A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses Non-GAAP measures of financial performance that exclude certain non-recurring or non-cash items.  Non-GAAP gross profit, income (loss) from operations, net income (loss), and earnings (loss) per share are measures that exclude certain non-recurring or non-cash items and should be considered in addition to results prepared in accordance with GAAP.  They are not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results.  These Non-GAAP financial measures may be different from similarly titled measures used by other companies.

The Company believes that these Non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in gaining an understanding of the Company’s ongoing business. These Non-GAAP financial measures also provide for comparative results from period to period.  Therefore, the Company believes it is appropriate to exclude certain items as follows:

·                  Stock-based compensation — the Company does not consider stock-based compensation charges when evaluating business performance and management does not contemplate stock-based compensation expense in its short- and long-term operating plans.  As a result, the Company has excluded such expenses from its Non-GAAP financial measures.

·                  Business reorganization, restructuring and related expenses — the Company does not engage in reorganization activities on a regular basis and therefore believes it is appropriate to exclude business reorganization, restructuring and related expenses from its Non-GAAP financial measures.

·                  Income (loss) from discontinued operations — the Company does not engage in sales of subsidiaries on a regular basis and therefore believes it is appropriate to exclude such gains (losses) from its Non-GAAP financial measures. As the Company is no longer active in its discontinued operations, it believes it is appropriate to exclude income (losses) thereon from its Non-GAAP financial measures.

·                  Professional fees and expenses associated with unusual legal and other matters — the Company has incurred expenses for professional fees and has accrued for legal settlements that are outside its ordinary course of business. As a result, the Company has excluded such expenses from its Non-GAAP financial measures.

·                  Non-cash interest expense related to convertible debt — The Company records non-cash interest expense on its convertible notes in addition to the interest expense already recorded for coupon payments. The Company excludes the non-cash portion of the interest expense from its Non-GAAP financial measures because these amounts are unrelated to its ongoing business operations.

·                  Non-cash tax expense for the impact of deferred tax liabilities associated with tax deductible amortization of goodwill — due to the nature of the adjustment as well as the expectation that it will not have any cash impact in the foreseeable future, the Company believes it is appropriate to exclude this expense from its Non-GAAP financial measures.

About Take-Two Interactive Software

Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, marketer and publisher of interactive entertainment for consumers around the globe.  The Company develops and publishes products through its two wholly-owned labels Rockstar Games and 2K, which publishes its titles under the 2K Games, 2K Sports and 2K Play brands.  Our products are designed for console systems, handheld gaming systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms and cloud streaming services.  The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.

All trademarks and copyrights contained herein are the property of their respective holders.

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “will,” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the Company’s future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including: our dependence on key management and product development personnel, our dependence on our Grand Theft Auto products and our ability to develop other hit titles for current generation platforms, the timely release and significant market acceptance of our games, the ability to maintain acceptable pricing levels on our games, our ability to raise capital if needed and risks associated with international operations. Other important factors and information are contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2011, in the section entitled “Risk Factors,” and the Company’s other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

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TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share amounts)

(1)          For the three and nine months ended December 31, 2010, diluted EPS has been calculated using the “if-converted” method as a result of the 4.375% Convertible Notes issued in June 2009 (the “4.375% Convertible Notes”), for which diluted net income has been adjusted by $3,552 and $10,446, respectively, related to interest and debt issuance costs, net of tax. The shares used for computing includes 12,927 shares related to the potential dilution from the 4.375% Convertible Notes. The “if-converted” method was not used for the other periods presented as the assumed conversion would have been anti-dilutive.

(2)          Basic and diluted include participating shares of 5,958, 5,578 and 5,824 for the three months ended December 31, 2011 and the three and nine months ended December 31, 2010, respectively.

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES

RECONCILIATION OF GAAP TO Non-GAAP MEASURES (Unaudited)

(in thousands, except per share amounts)

(1)    For the three months ended December 31, 2011, Non-GAAP diluted EPS has been calculated using the “if-converted” method as a result of the issuances of the 4.375% Convertible Notes in June 2009 (the “4.375% Convertible Notes”) and the 1.75% Convertible Notes in November 2011 (the “1.75% Convertible Notes” and together with the 4.375% Convertible Notes, the “Convertible Notes”) for which diluted net income has been adjusted by $2,378 related to interest and debt issuance costs, net of tax. The shares used for computing the three months ended December 31, 2011 Non-GAAP diluted EPS include 26,021 shares related to the potential dilution from the Convertible Notes.

For the three and nine months ended December 31, 2010, Non-GAAP diluted EPS has been calculated using the “if-converted” method as a result of the 4.375% Convertible Notes, for which diluted net income has been adjusted by $1,680 and $5,006, respectively, related to interest and debt issuance costs, net of tax. The shares used for computing the three and nine months ended December 31, 2010 Non-GAAP diluted EPS include 12,927 shares related to the potential dilution from the 4.375% Convertible Notes.

The “if-converted” method was not used for the nine months ended December 31, 2011 as the assumed conversion would have been anti-dilutive.

(2)    For the three months ended December 31, 2011 and the three and nine months ended December 31, 2010, the diluted shares used in the computation of Non-GAAP EPS include participating shares of 5,958, 5,578 and 5,824, respectively.