In conjunction with the release of its financial reports for Q1 2008, Take-Two has announced that BioShock 2 is in development and planned for a Q4 2009 release.
The title is being developed by 2K Marin. The original - developed by 2K Boston/2K Australia - has sold over 2 million units.
During a conference call to investors, Take-Two's CEO Ben Feder was asked why development of the sequel was being handled by a different studio and if Ken Levine would be involved.
"Ken is a terrific asset in the company and he is a brilliant game developer," Feder said.
"He will be working on BioShock 2, and he will be working on a new IP. A lot of the work will be done at 2K Marin, but that's not to say that Ken will not be involved.
"Obviously, we think he is critical to BioShock and he is critical to new IP in the company."
In a statement, Feder said that the company was exicted about its product lineup, most of which is based on internally-owned and developed IP.
"With one of the strongest release schedules in the industry, Take-Two is clearly well positioned for the future," he said.
In addition to Grand Theft Auto IV, for the balance of fiscal 2008 Take-Two's releases will include Midnight Club: Los Angeles, Sid Meier's Civilization Revolution, Top Spin 3, and Don King Presents: Prizefighter.
Midnight Club, originally scheduled for a spring release, was moved to the fall. Take-Two has shipped over 1 million units of Carnival Games for the Wii, and announced that it is bringing the title to the DS as well as developing Carnival Games: Mini-Golf for the Wii this year.
For fiscal 2009, which begins in October of 2008, the company plans additional episodic content for Grand Theft Auto IV, Mafia II, Borderlands, BioShock 2, their regular sports lineup and additional Nick Jr. titles under the company's agreement with Nickelodeon.
Mafia II is currently being developed by 2K Czech, formerly known as Illusion Softworks, a studio which Take-Two acquired in January.
In a conference call to investors, the company also promised one as yet unnamed AAA title coming out of Rockstar in 2009.