WSJ Events · Nov 4, 2026 · 23m · 16m saved
With Strauss Zelnick, Chairman and CEO of Take-Two Interactive
Photo: Christopher Michel, CC BY 2.0 via Wikipedia
Grand Theft Auto VI is days from release and expected to be the most-played video game ever, but Take-Two's stock is down more than 20% from its high. Most CEOs would talk up a blockbuster before launch; Strauss Zelnick won't claim victory until it actually happens.
"I never claim success before it occurs. And I'm fond of saying arrogance is the enemy of continued success. And I really believe that." — Strauss Zelnick
Strauss has run Take-Two since the late 1990s, building a catalog of 15 franchises that have each sold at least 5 million units, from Red Dead Redemption to NBA 2K. He told WSJ's Jess, during a conversation at WSJ Events, why he delayed Rockstar's biggest launch, where AI has actually saved the company money, and why he's skeptical a traditional media company can break into games.
The full interview is covered here so you can skip it. 23 minutes of audio, 7 minutes of reading.
Here are the 5 takeaways that matter.
Key Takeaways
Strauss won't predict how fast GTA VI recoups its reported roughly $1 billion-plus budget — "arrogance is the enemy of continued success"
Take-Two delayed GTA VI roughly a year ago because it was a "must-have," not a "nice-to-have," Strauss says
No executive, Strauss included, should be so critical that the company "would not miss a beat" without them
AI's cost savings in game development have been "relatively small" so far; its clearest win is marketing — ad spots that cost $800 apiece, versus $25,000 to $50,000 for live-action shoots
Strauss is skeptical traditional media companies like Netflix can easily break into games; a big-tech buyout of a studio is "a when, not a whether," he says
1. The Stock vs. Fundamentals
Strauss said he "never argues with the market" over Take-Two's stock being down more than 20% from its high ahead of GTA VI's launch.
Strauss "never argues with the market" on Take-Two's stock being down 20% ahead of GTA VI's launch
"I never argue with the market. We're followed by 26 analysts who are all really smart. They're capable. The story is out there and told, and I tend not to worry about these things — my view is we trade on the fundamentals." — Strauss Zelnick
He pointed instead to the depth of Take-Two's catalog.
Take-Two has 15 franchises that have each sold at least 5 million units, Strauss says, calling it the best IP collection in the business
"We have 15 franchises that have each sold at least 5 million [units] in an individual release. I think we have the best collection of owned intellectual property in the video game business." — Strauss Zelnick
He pointed to Red Dead Redemption (over 65 million units), NBA 2K, WWE 2K, BioShock, Borderlands, Civilization and mobile titles like Words with Friends. He repeatedly declined to predict how fast GTA VI would recoup its reported roughly $1 billion-plus budget, citing his rule that "arrogance is the enemy of continued success."
