In a move to streamline its operations and cut costs, Take-Two Interactive, the video game giant behind popular franchises like Grand Theft Auto and NBA 2K, has announced plans to lay off approximately five percent of its global workforce. This decision comes as the company aims to reduce future hiring needs and simplify its organizational structure.
As part of this cost-cutting measure, Take-Two will also be scrapping several projects currently in development. The company expects to incur charges of up to $200 million to implement this program, with anticipated savings of over $165 million per year. The downsizing efforts are slated to be completed by December 31st, 2024.
According to Take-Two’s latest impact report, around 579 employees out of the total 11,580 at the company could be affected by these layoffs. While it remains unclear which teams will be impacted or which projects will be dropped, it is believed that the highly anticipated Grand Theft Auto VI title expected to launch next year will not be affected by the changes.
The decision to downsize and scrap projects reflects Take-Two’s commitment to adapt to a rapidly evolving industry and focus resources on key priorities. The company has assured that affected employees will be provided with support during this transition period.
Stay tuned for further updates on Take-Two Interactive and its strategic realignment efforts as more details emerge.
