The purchase consists of $10 million cash and 969,932 shares of stock, valued at $24 million at yesterday's closing share price. Max Payne has sold more than 2.75 million units worldwide across all platforms since its launch last year.
For its $34 million, Take-Two acquires the Max Payne brand and all intellectual property rights associated with the brand, including trademarks, copyrights, characters, perpetual license to utilize proprietary technologies (including the Max Payne game engine), and rights to license fees from ancillary Max Payne brand extensions such as cinema, television and literary productions.
"This is a precedent-setting deal for Take-Two, Remedy and 3D Realms - the first time in our industry a highly successful IP alone has changed ownership hands. This deal validates our strategy for developing strong character-based games," said Scott Miller, CEO of Apogee/3D Realms.
Take-Two also announced that it is developing a sequel to Max Payne, which will be available in 2003. It is being developed by Rockstar Games in conjunction with Remedy Entertainment.