In exchange, Take-Two was to issue 1.85 million shares (around 16%) of its common stock to BMG Entertainment.[3][4] Through this acquisition, Take-Two obtained several of BMG Interactive's former intellectual properties, including DMA Design's Grand Theft Auto and Space Station Silicon Valley.[5][6] The deal was announced to have closed on March 25.[7] Three BMG Interactive executives—Sam Houser, Dan Houser, and Jamie King—as well as Terry Donovan of BMG Entertainment's Arista Records record label, subsequently moved to New York City to work for Take-Two Interactive.[5] In a restructuring announced that April, Sam Houser was appointed as Take-Two's "vice president of worldwide product development".[8] In December 1998, the Houser brothers, Donovan and King established Rockstar Games as the "high-end" publishing label of Take-Two.[5][9][10][11] The formation was formally announced on January 22, 1999.[12]