‘Grand Theft Auto’ maker Take-Two plots its next move in a consolidating gaming industry

Consolidation is all the rage in the video game world these days. In the past year, Ubisoft created a new gaming subsidiary with Chinese tech giant Tencent, while Electronic Arts announced a $55 billion deal led by Saudi Arabia’s Public Investment Fund that will take the company private. An industry that, just a decade ago, included more than a dozen publicly traded game makers now has only a handful left.

Take-Two Interactive Software has managed to remain independent while rivals, including Activision-Blizzard and EA...