The delay comes as the result of additional development time required to complete the title. Take-Two Chairman Strauss Zelnick said, "Certain elements of development proved to be more time-intensive than expected, especially given the commitment for a simultaneous release on two very different platforms. We all recognize that perfecting the game is vital and I can assure everyone it will be worth the wait."
The company has said that it is in "sound financial condition," and that aside from questions of timing the delay will not have a significant impact on Take-Two. The company has updated its third quarter and fiscal year 2007 guidance as a result of the delay, as well as the impact of its ongoing Manhunt 2 difficulties.
Rockstar Games founder Sam Houser said, "The new consoles are allowing us to create the Grand Theft Auto game we always dreamed about. Every aspect of the game and its design has been completely transformed. The game is huge and is pushing the hardware platforms to their absolute limits."
Originally released in 1997 as a top-down action game for the PC and PlayStation, Grand Theft Auto has since grown into one of the most successful, popular and controversial game franchises of all time. Grand Theft Auto IV is currently in development for the Xbox 360 and PlayStation 3 platforms.