Take-Two Interactive, the gaming company behind the franchise Grand Theft Auto, NBA 2Kand bioshockCost-cutting measures were announced that would see “around five percent” of its global workforce laid off and several projects already in development scrapped.
The company said in an SEC filing released Tuesday that it is “streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs.” Take-Two said it will implement a “cost reduction plan” that will generate up to 2 billion in costs, the program aims to save the company more than $165 million annually. The layoffs are expected to be “substantially complete” by December 31, 2024.
About 579 of the 11,580 employees Take-Two disclosed in its latest impact report were laid off by 5%. The company has not yet specified which teams will be affected or which projects will be abandoned. Grand Theft Auto VIthe highly anticipated game expected to launch next year may not be affected.