I'm a pretty big believer that history is likely to repeat itself.

Our association with DreamWorks has resulted in some of the most critically acclaimed and successful movie-based video games ever, ... This announcement enables us to continue to build on our strong creative collaboration and underscores Activision's ongoing commitment to developing exceptional games based on the highest quality intellectual properties and brands.

Despite these achievements, we were disappointed with our earnings performance this quarter which was the result of weaker than expected market conditions in the U.S. and Europe due to the transition from current-generation consoles to the next generation of video game systems.

We welcome Richard to the Activision Board. His substantial experience in the mobile and wireless arena coupled with his strong corporate development background and distinguished career will be an asset to our Board and management team as we continue to pursue our strategic objectives.