Take-Two's cost reduction plan has resulted in layoffs and project cancelations.
Take-Two Interactive Software, the giant video game publisher behind the Grand Theft Auto franchise and more, is planning to layoff approximately 5% of its workforce. In addition to the employees laid off there are also cuts being made in the form of cancelled projects, per the company's US Securities and Exchange Commission filing from April 16. The plan is expected to be complete by the end of 2024.
The Plan's Details and The FutureThe plan is in place with an estimate Take-Two"will incur approximately $160 million to $200 million in total charges in connection with the Plan. The Company expects $40 million to $60 million of the total charges to result in future cash expenditures.
This round of layoffs from Take-Two are only the latest in the gaming industry, which has been experiencing mass layoffs for months now. Take-Two just last month agreed to buy the developers behind the Borderlands franchise, Gearbox, for $460 million. Before the sale, Zelnick noted Take-Two and Gearbox have"had a long-term relationship...of which we're very proud."
Take-Two Interactive Take-Two Layoffs Gta 6 Grand Theft Auto 6 Release
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