2K and Visual Concepts Acquire HookBang Game Division

Rhea-AI Summary

2K has acquired the Austin-based video game division of HookBang, which will be integrated into Visual Concepts, the studio behind the NBA 2K franchise. This strategic acquisition aims to bolster the development team in Austin and enhance support for NBA 2K and other publishing ventures. The new studio will hire hundreds of developers and operate from a new location in the Austin area. The financial terms of the deal remain undisclosed, marking a continued effort by 2K to expand its interactive entertainment offerings.

Positive

• Acquisition enhances the development team for NBA 2K and increases publishing capabilities.
• Plans to hire hundreds of developers to support NBA 2K franchise.
• Establishes a presence in Austin, a growing hub for game development.

Negative

• None.

2K today announced the Company has acquired HookBang, LLC’s Austin-based video game division that will become part of Visual Concepts, the distinguished, wholly-owned studio and developer of the iconic NBA® 2K video game franchise. Financial terms were not disclosed.

The acquired team, under the new name of Visual Concepts Austin, will join the developer’s family of current locations in the San Francisco Bay Area, greater Los Angeles and Orange County, Calif., as well as Vancouver, Seoul, Shanghai, and Budapest. The studio will operate from a to-be-announced new location in the Austin, Texas metropolitan area and plans to employ hundreds of developers to support NBA 2K, as well as the Company’s expanding publishing business. The acquisition also marks 2K’s ongoing efforts to identify talented development teams around the world to join 2K and increasing its portfolio of interactive entertainment offerings.

Founded in 2012 as a solutions-based collective of engineers, artists and designers that provide full-service software design and development for brands, agencies and technology companies, HookBang, LLC recently partnered with Visual Concepts to provide art, design and engineering support for NBA® 2K21, the standard bearer for sports simulation video games. As Visual Concepts Austin, the team will expand its efforts on the NBA 2K franchise, including platform development and live services support.

“Working with a studio as prominent as Visual Concepts on NBA 2K21 was an extraordinary opportunity for HookBang,” said Frank Roan, CEO at HookBang. “Formally joining Visual Concepts and 2K allows us to accelerate our impact on the product, the company and the Austin development community.”

“NBA 2K is a vital part of 2K’s publishing business and the larger video game industry, as well as a fixture in global pop culture lexicon,” said Greg Thomas, President at Visual Concepts. “We have made many investments in NBA 2K over the years, each of which has helped us reach new heights. HookBang has partnered with us on NBA 2K for the past couple of years, and we’re pleased to welcome its talented team to the Visual Concepts family.”

2K is a publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO).

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About Take-Two Interactive Software

Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, Private Division, and Social Point. Our products are designed for console 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 https://www.take2games.com/.

About 2K

Founded in 2005, 2K develops and publishes interactive entertainment for video game consoles, personal computers and mobile devices, with product availability including physical retail and digital download. The Company is home to many talented development studios, including Visual Concepts, Firaxis Games, Hangar 13, Cat Daddy Games, 31st Union, Cloud Chamber and, upon the closing of the Company’s recently announced acquisition, HB Studios. 2K’s portfolio currently includes several AAA, sports and entertainment brands, including global powerhouse NBA® 2K; renowned BioShock®, Borderlands®, Mafia, Sid Meier’s Civilization® and XCOM® brands; popular WWE® 2K and WWE® SuperCard franchises; as well as the critically and commercially acclaimed PGA TOUR® 2K. Additional information about 2K and its products may be found at 2k.com and on the Company’s o

FAQ

What is the significance of 2K acquiring HookBang's video game division?

The acquisition aims to strengthen 2K's development capabilities for the NBA 2K franchise and expand its publishing business.

When did 2K acquire HookBang, and what are the financial details?

The acquisition was announced recently, but the financial terms have not been disclosed.

How will the acquisition impact the NBA 2K franchise?

It will expand the development team, allowing for enhanced support in platform development and live services.

Where will the new Visual Concepts Austin studio be located?

The new studio will operate from a location in the Austin, Texas metropolitan area, which is yet to be announced.

How many employees does 2K plan to hire after acquiring HookBang?

2K plans to employ hundreds of developers to support their expanding business.