Take-Two Interactive plans to lay off 5% of staff and cancel several projects

Take-Two Interactive, which is the owner of Rockstar Games and 2K Games along with being the publisher of game Series like Grand Theft Auto, Red Dead Redemption, NBA 2K and more plans to lay off 5% of its entire workforce and cancel several. projects to save costs.

First reported by Bloomberg UKTake-Two Interactive has decided to follow what the rest of the gaming industry is doing such as Microsoft, Sony EA and more and will be laying off quite a few employees, in total they will be laying off 5% of the workforce which results in almost 600 people in total and canceling Projects valued at around $140 Million.

This comes from and SEC filing today. Take-Two also expects a total of $25 Million to $35 Million in total employee severance packages and employee-related costs and up to $25 Million in office reductions. In total they expect this to cost them a total of about $200 Million.

In February 2023, Take-Two Interactive announced a Cost Reduction program in a way to reduce 50 Million USD in Annual Expenses, which Layoffs were part of the plan.

In the latest Earnings call, Take-Two Interactive once again mentioned another Cost Reduction Program that they put together to save costs and maximize profit margins, but when IGN approached Take-Twothe CEO known as Strauss Zelnick said that they do not plan to lay off people but are still working out the specifics of the Reduction Program.

This comes just months after Rockstar Games revealed Grand Theft Auto VI, which is sure to be the biggest piece of entertainment ever released and less than a month since Take-Two Interactive revealed that they will buy the Studio that made the Borderlands Series, Gear. Box Entertainment for $460 Million, which will be finalized by June 2024.

in 2022, Take-two also bought Mobile Gaming Studio, Zynga for 5 USD 12 Billion, which did not go as they planned.

Take-Two Interactive keeps bragging about how much money they make from players buying Shark Cards and other Micro-Transactions, so we're pretty sure they're not short of money.