NewsFactor - Like a real-life financial video game, Electronic Arts has mounted a hostile takeover battle for Take-Two Interactive Software. The Redwood City, Calif.-based EA said Thursday that a wholly-owned subsidiary has commenced a tender offer for all outstanding shares of Take-Two for $26 a share in cash.

Reuters - Do you have childhood memories of having G.I. Joe fight Luke Skywalker, or throwing Superman into battle against the Bionic Man?

NewsFactor - Guitar Hero just made its way into the Guinness Book of World Records: Gamer’s Edition 2008, but Gibson Guitar would seemingly rather see its developer in court. Claiming its innocence and looking for exoneration, Activision is welcoming the showdown in a patent dispute that has gamers tuned in.

InfoWorld - Though many tech vendors are suffering as the widening U.S. financial crisis slows down consumer and business spending, IT mergers and acquisitions including bellwethers like Microsoft, Google, Yahoo, Electronic Arts, and AOL continue to reshape the technology landscape and provide opportunities for investors.

TechWeb - The Gibson look-alikes, including Les Paul, SG, and Kramer models, are allowed under an undisclosed license agreement between the two companies.