SAC Cuts Stake In Video Game Co.

Jul 3 2008 | 2:00am ET

Less than a week after getting in the game, SAC Capital Management is taking a step back when it comes to Take-Two Interactive Software.

The Stamford, Conn.-based hedge fund giant yesterday said it had cut its stake in the video game company to 4.4% from 5.3%, and did not intend to file further updates with the Securities and Exchange Commission. SAC had unveiled its stake in Take-Two, which is facing a hostile takeover bid from rival Electronic Arts, just last week.

SAC has not made any public activist demands of Take-Two.

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