Take-Two Interactive Chairman Strauss Zelnick seems like a pretty smart guy, so we were surprised to learn that he was actually considering buying a newspaper. In the end, he wised up, however.
Reuters reports that Zelnick decided to pass on acquiring the Austin American-Statesman. The Texas paper had a daily circulation of 152,691 as of March.
Zelnick’s private equity firm ZelnickMedia Corp. never made a formal bid and decided to pull out of negotiations as the sorry state of the newspaper business continued to worsen.