Take-Two Interactive has announced that it will lay off 5% of its workforce and cancel some of its games.
According to the GTA publisher, the move is to save around $165 million a year. The move that has already been approved by its board also calls for the company to find more ‘efficiencies’ across its business in order to boost profit margins.
In 2025, the publisher will launch arguably its most significant game ever, Grand Theft Auto 6, which is expected to bring in billions of dollars in revenue for the company. Its predecessor, Grand Theft Auto 5, sold $1 billion in units in a matter of days.
The company said in May 2023, it had 11,580 full-time employees worldwide as of March 2023.
The company estimated that it would incur about $160 million – $200 million in charges in connection with the plan, including about $120 million to $140 million related to videogame-title cancellations.
Take-Two Interactive expects the changes to be completed by the end of 2024.
For more Insider Gaming, read about the massive data breach at Void Interactive that saw source code for Ready or Not stolen.
