GTA giant Take-Two's spending spree

Take-Two learns the hard way more spending for advertising and royalties can be a real bummer.

'Grand Theft Auto' giant Take-Two Interactive reported first-quarter losses after spending more to create and sell its titles, reports Asbury Park Press. The videogame publisher was down 25 percent compared to a year earlier, at $50.4 million.

Last year, Take-Two increased spending on advertising, royalties, and research and development through Jan. 31. Sales of "Grand Theft Auto IV" have topped 13 million since it was released last year. The company's other top-selling games during the quarter were "Carnival Games" and "NBA 2K9."

"These are challenging times of course, and we are never happy about reporting a loss," Take-Two Chairman Strauss Zelnick said in an interview.

The company is currently developing titles for the Wii and DS to increase sales. Most notably, the release of Grand Theft Auto: ChinaTown Wars next week.

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