Take-Two Pays Up in Late Bid for Mobile With Deal Investors Pan

The rationale behind Take-Two Interactive Inc.’s $11 billion purchase of Zynga Inc. can be summed up in two words: GTA Mobile.

Grand Theft Auto V, developed and published by Take-Two subsidiary Rockstar Games, is one of the most successful video games of all time, selling more than 155 million copies since its release in 2013. But it could be even bigger. Unlike competitors such as Roblox and Fortnite, GTA V is only available on computers and consoles, limiting its potential user base at a time when smartphones are increasingly expanding the audience for video games

For Take-Two, the deal ...