According to thew New York Post, Bono's Elevation Partners might be looking to buy Take-Two Interactive. Elevation last year acquired Pandemic Studios and BioWare, and a deal for the Grand Theft Auto publisher would probably set them back more than $1 billion.

On Tuesday, The Post broke the news that Take-Two was in serious discussions with several buyout firms. Elevation could combine Take-Two's successful titles with video game developers Pandemic Studios and BioWare Corp., which the firm acquired last year for $300 million. There are still hurdles to a deal, however, including Take-Two's habit of restating earnings, which has led regulators to begin looking for wrongdoing at the company.