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Activision to Withdraw Registration Statement for Common Stock Offering

(October 23, 2001)
Activision, Inc. (Nasdaq: ATVI) announced today that, due to current market conditions, it has discontinued its previously announced public offering of common stock. The company has filed with the Securities and Exchange Commission an application for the withdrawal of its registration statement covering the 6,000,000 shares of its common stock that were to be issued in the proposed public offering. The company has also discontinued any further marketing efforts in connection with the offering.

"In light of the current market conditions and volatility resulting from recent events, we have concluded that it is not in the best interest of the company or our shareholders to proceed with the stock offering," stated Robert A. Kotick, Chairman and Chief Executive Officer of Activision. "With our strong financial position, record results for the first six months of the fiscal year and two new game consoles set to enter the market next month, we remain confident about the positive outlook for our business and the prospects for the entertainment software industry. With $295 million of shareholders equity, $122 million of cash and only $6 million of debt as of September 30, 2001, Activision is in a very liquid and strong financial position."

Headquartered in Santa Monica, California, Activision, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment software products. Activision maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Japan, Australia and the Netherlands.

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