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Rumours on Sony's Take-Two takeover weaker than they appear

After some digging, it seems to be more hearsay than anything else, at least according to the original source from the MarketWatch report.

This week a MarketWatch report got people talking when the following statement was included about Take-Two, a publisher responsible for many developers including Rockstar:

"Take-Two Interactive Software TTWO, +6.88% shares jumped 6.9%, its best day since October 2018. Joel Kulina, head of technology and media trading at Wedbush Securities, referenced rumors about potential takeover interest from Sony Corp. SNE, +0.76% in a note to clients."

All is not as it seems though, as this story that's doing the rounds on the internet might not have as much weight as first appears. talked to Kulina directly, and here is was the he said:

"This is purely unconfirmed market speculation that is making the rounds. I am not the source of this story in any regard. And not sure who quoted me as I didn't speak with anyone over the phone (unless someone saw a trading note that I wrote)."

When also talking to the authors of the MarketWatch report - Sue Chang and Chris Matthews - then found out that Kulina's note was in fact the only source of the rumour.

"The stock shot up at the start of trade today to lead the S&P 500 and I was simply looking for plausible explanations," Matthews said. "Joel's in a good position to know what's moving individual tech stocks, even if they are just rumors. In terms of timing, [Take-Two] stock was well up before his email went out, so it was not his dissemination of the rumor that sparked the move."

It seems then that this might be more smoke than fire, although it doesn't disprove for sure that Sony is taking over Take-Two. All it means is that there are no concrete sources pushing this information, and that this all seems to be hearsay for now.

Do you believe these rumours though?