Grand Theft Auto VI Publisher Take-Two Interactive announced at the close of trading today that it was slashing its filings with the SEC. The company revealed it would lay off 5% of its approximately 11,000 employees and cancel several development projects worth $140 million to “rationalize its pipeline.”
“The company expects to incur total charges related to the program of approximately $160 million to $200 million,” Take-Two wrote in its filing. “The company expects that $40 million to $60 million of the total charges will be used for future cash expenditures. . Total charges include approximately $120 million to $140 million related to the cancellation of ownership, approximately $25 million to $35 million related to employee severance and employee-related expenses, and approximately $15 million to $25 million related to the reduction of office space. “
These unexpected layoffs come less than a month after Take-Two CEO Strauss Zelnick Tell IGN The company has “currently no plans” to lay off more employees, following a “cost-cutting” plan laid out on an investor call in March.The company expects significant sales growth grand theft auto 6 emission. Arrival is currently expected in 2025.
Take-Two recently announced plans to acquire loot shooter series developer Gearbox Entertainment Borderlands The film was distributed by the 2K label and sold for $460 million at the end of June. The deal will be funded through the sale of new Take-Two stock.also grand theft auto 6Take-Two and its subsidiaries also have new bioshock and mafia The game is in development while Ken Levine’s Ghost Story Games judah, look like bioshock in space.
Take-Two reported net bookings of $1.2 billion last quarter, up 20% from the same period last year.Last year, Zelnick’s total compensation as head of the company exceeded $40 million, in part due to Bonuses tied to getting players to spend more money About microtransactions.
.