Following the ban on Rockstar's Manhunt 2 in England and Ireland and the ESRB's assignment of an AO rating here in the U.S. (which effectively bans the game since the console makers forbid AO titles and most retailers won't carry them), Take-Two has confirmed that the game has been put on hold and therefore will not be released as planned on July 10 for the Wii, PS2 and PSP platforms.

"Take-Two Interactive Software has temporarily suspended plans to distribute Manhunt 2 for the Wii or PlayStation platforms while it reviews its options with regard to the recent decisions made by the British Board of Film Classification and Entertainment Software Rating Board," a representative explained to consumer site GameSpot. "We continue to stand behind this extraordinary game. We believe in freedom of creative expression, as well as responsible marketing, both of which are essential to our business of making great entertainment."

Meanwhile, according to reports from the Associated Press and other news agencies, Italy's communications minister Paolo Gentiloni does not want Manhunt 2 to be released in his country either.

Technically, Italian law does not allow the ministry to impose a ban on the game's sale, Gentiloni's spokesman Sergio Bruno said. However, Gentiloni has asked Take-Two to cancel the planned July 13 Italian release.

"More than violent, the game in question is cruel and sadistic, with a squalid environment and a continuous, insistent encouragement to violence and murder," Gentiloni said in a statement.

The AP report noted that Gentiloni also asked the Interactive Software Federation of Europe (ISFE), which represents the interactive software sector in 27 EU Member States, to take the matter up at its June 26 meeting in Brussels and the issue was added to the agenda.

For its part, Take-Two said it was "determined to bring the title to market regardless of criticism," said the AP. If that's the case, Italy could actually be one of the few (or only) regions to see the game released in its current form, but that's certainly not finalized.

[UPDATE] We caught up with Wedbush Morgan Securities analyst Michael Pachter who shared his thoughts on the financial implications this will have on Take-Two.

"They will probably spend $1 million or so to rework the game," he said. "They will not have revenue from the game this quarter (ending July), so they will likely miss their guidance, but will make up most of it in a future quarter when the game is released."

He added, "The overall financial impact is not that serious, provided sales don't suffer. It is hard to know whether the publicity helps or hurts, but my guess is that it hurts."