"Change is difficult to embrace in the best of environments, much less the current global economic upheaval we are living in today," wrote Janco Partners' Mike Hickey in a research note. "We do not believe this is an appropriate time for the Rockstar team to raise capital and go independent."
The two figures at the center of the contract renewal issue are Sam and Dan Houser, the brothers who serve as the president and VP of Rockstar Games, respectively.
Hickey continued, "We do not expect the Rockstar team could find a more compelling corporate structure to work under. We do not believe they will compromise their considerable mid-cycle product/passion momentum, by leaving Take-Two Interactive, the Rockstar team/culture, and the meaningful IP Take-Two controls."
He added that Take-Two management, led by chairman Strauss Zelnick and CEO Ben Feder, "realizes the importance of talent retention."
Doug Creutz with Cowen and Company concurred in a separate note: "We expect Rockstar's key talent to remain at Take-Two..."
It's unclear just how much Take-Two will have to pay to keep the Housers on board.
The importance of the flagship GTA franchise was again illustrated this year, when April's GTA IV generated over $500 million in revenues in its first week alone.