According to The Verge, Take-Two Interactive, known for games like Grand Theft Auto and NBA 2K, is cutting costs by laying off about five percent of its global workforce and canceling some projects.
The company explained in a filing with the SEC that it is restructuring to reduce costs and won’t be hiring as much in the future. This restructuring could cost up to $200 million but is expected to save the company more than $165 million each year. The layoffs are expected to mostly finish by December 31, 2024.
A five percent reduction means around 579 out of their 11,580 employees might be affected. Take-Two hasn’t said which teams or projects will be affected. However, likely, big upcoming games like Grand Theft Auto VI won’t be affected.
This news comes during a tough time for the gaming industry, which has seen many layoffs since 2023. Take-Two is also buying Gearbox, the company behind Borderlands, for $460 million.
