That was fast. Already, in its first week, Grand Theft Auto IV sold more than 6 million copies globally, rocketing past expectations that were hardly modest to begin with.

So what is it with this game? Well, for one thing, it has been praised by gamers and critics alike who hail it as satirical and multi-layered, the equal of films like “The Godfather” or TV shows like “The Sopranos.”

Made by Take-Two Interactive Software’’s Rockstar studio, the game also has its share of detractors, who say it’s too violent and sends the wrong message to kids and young adults. Given the big sales the first week, the criticism doesn’t appear to have hurt its popularity.

But the real question is what does more than $500 million of first week sales of GTA IV mean for Take-Two?

Silicon Alley Insider says this: “Take-Two management has long argued that Wall Street didn’t understand what a hit GTAIV would be. When they did, the argument held, they’d bid the shares up. Time to find out. ”

And the Wall Street Journal points out, “Depending on how the sales figures impact shares of Take-Two, they could strengthen the company’s argument that videogames rival Electronic Arts Inc. needs to raise its unsolicited bid for Take-Two above $2 billion. EA has launched a hostile tender offer of $25.74 for Take-Two shares, which Take-Two has rejected as too low.”

Keep an eye on:

• Cablevision Systems will acquire Sundance Channel from General Electric Co’s NBC Universal, CBS Corp’s Showtime Networks and entities controlled by Hollywood actor and director Robert Redford.
• Clearwire Corp and Sprint Nextel Corp plan to combine their next-generation wireless broadband businesses to form a new $14.5 billion communications company (Reuters)
• Major studios and the Screen Actors Guild broke off three weeks of contract talks without agreement, stoking fears of renewed Hollywood labor unrest after a 100-day writers strike that ended in February (Reuters)
• Five years have passed since the Jayson Blair scandal shook the New York Times and the media world. MarketWatch’s Jon Friedman takes a look at how media organizations have fared in trying protect themselves from a similar situation (MarketWatch).

(Photo: Reuters)

It hasn’t been the easiest week for Craigslist, which is getting sued by minority partner eBay after spurning a buy-out offer. So pity Craig Newmark when he settles down for a nice, relaxing game of Grand Theft Auto 4.

The game, released this week, takes place in a ridiculously detailed virtual world that even has its own satirical Internet. Bloggers write on “blogsnobs.org,” porn sites abound, and there’s a free classified site called “craplist.org.” Real-life blog Some Bits has the description as it appears in GTA4:

“Craplist was started in San Fierro in 1995 by some basement dwelling sociopaths with the simple mission of creating a computer-based online forum where users can sell stolen bicycles and meet up at lunch time and [content bleeped out because MediaFile is a family-friendly blog] … Capitalists don’t understand us. Newspapers hate us. Stalkers love us. Craplist is here to stay. We are you.”

Actually, except for the stalker reference, maybe Craig will find some inspiration in that last bit.

There were indeed fans lined up along the streets of New York City awaiting the launch of  Grand Theft Auto IV on Tuesday morning. According to the experts, they will not be disappointed.

Even the New York Times lavished praise of a sort on the video game from Take-Two Interactive’s Rockstar studio: “‘Grand Theft Auto IV’ is a violent, intelligent, profane, endearing, obnoxious, sly, richly textured and thoroughly compelling work of cultural satire disguised as fun.”

Though the vast majority of gamer blogs were even more emphatic in their love of the game, there were bound to be many naysayers if only because “GTA” deals with such edgy content, in this case an Eastern European immigrant who runs drugs, shoots cops and beats up prostitutes. The Parents Television Council thinks retailers shouldn’t carry the game according to Variety magazine.

Keep an eye on: 

- Rupert Murdoch’s $580 million bid for New York’s Newsday, the Long Island newspaper, puts the News Corp chief on a collision course with the U.S. regulators. (Financial Times)

- Clear Channel Communications said a Texas court dismissed a request by a group of banks to delay a trial over funding for the $20 billion buyout of the radio station operator. (Reuters)

- Blockbuster is in talks about taking a stake in a new Viacom-led premium television channel that plans to compete with HBO, Showtime and Starz. (WSJ)

(Photo: Reuters)

Things could get complicated soon in the saga of Microsoft’s quest to acquire Yahoo, since the software makers deadline for what was origianlly seen as a friendly deal — at the right price — passed this weekend without Yahoo saying “I Do.”

Now, that amicable offer could get downright hostile. Analysts say they believe Microsoft is planning to launch a hostile bid at its current price of $31 per share in cash and stock.

Three weeks ago, Microsoft said it will go hostile, or even call off its bid, if Yahoo did not agree to a deal before this past weekend. Now, Microsoft executives are poised to play their next card.

(Reuters)
(WSJ)

Keep an eye on:

• Teen Star Miley Cyrus apologozed for posing seminude in provacative photos. Disney Disney Channel backed up the rising star, saying — “a situation was created to deliberately manipulate a 15-year-old in order to sell magazines.” (Reuters )
• “The Takeaway”, a rival pulics radio morning show, launchs, adding a little competition for the popular news show “Morning Edition.” (WSJ)
• Grand Theft Auto IV’ may drive up Electronic Arts’ bid for Take-Two (Los Angeles Times) (Reuters)

(Photo: Reuters)