Shiv Telegram Media: Take-Two to lay off hundreds and cut projects

Take-Two Interactive, the gaming giant known for hit titles like Grand Theft Auto and NBA 2K, is making significant cost-cutting moves. The company recently announced that it will be laying off approximately five percent of its global workforce and scrapping several projects that were in development.

In an SEC filing, Take-Two stated that it is restructuring its organizational setup to eliminate certain positions and reduce the need for future hiring. This restructuring is expected to result in charges of up to $200 million, but will also generate annual savings of over $165 million for the company.

The company aims to complete the downsizing efforts by the end of 2024, affecting around 579 of its 11,580 employees. While Take-Two has not disclosed which teams will be impacted or which projects will be dropped, it is expected that the highly anticipated Grand Theft Auto VI, set to launch next year, will remain unaffected by the cost-cutting measures.

These measures come as part of Take-Two’s broader strategy to streamline its operations and become more efficient. By reducing costs and streamlining its workforce, the company hopes to position itself for continued success in the competitive gaming industry. Stay tuned for more updates on Take-Two Interactive as they continue to navigate these changes in the coming months.