I'm quite sure this story is a load in the pants. There isn't even a hint of a potential buyout on any financial website that I can find when reading news about Take Two and Sony. Analysts talk to executives regularly and if there was a hint this was possible (let alone probably as the OP suggests), the analysts would be all over it and it would be on the financial news feeds...
Until an independent source that isn't a wishful thinking fanboy site posts something up, it's pure rumor.
When I see the "rumor" on an RSS newsfeed then I'll consider it a strong possibility.
When I first read this rumor, I assumed "take them under their wing" meant something along the lines of "provide developer and tool support" so that Rockstar can turn out some fantastic titles on par graphically with Sony First Party. If there is any basis of fact in this little report, I highly expect this was the nature of the conversation. It may even be deep enough that Sony is going to put enough resources into "helping" the Rockstar team that it constitutes a fairly significant financial expenditure on Sony's part.
As far as cancelling GTA4 for the 360 if this IS real -- not going to happen. They are way too far in the development process to "throw it away" and any contracts that are entered into by Take Two/Rockstar cannot be undone in a aquisition unless the other party (MS) agrees to it.








