'Grand Theft Auto' publisher Take-Two Interactive lays off

Video game publishing giant Take-Two Interactive will lay off about 600 people, or 5% of its workforce, and cancel several projects currently in development as part of a company-wide cost-cutting effort for Grand Theft Auto. .

Take-Two filed documents with the SEC on Tuesday regarding the layoffs, which it says are expected to be “substantially complete” by the end of 2024.

According to Take-Two's filing, “As part of these efforts, we will streamline our pipeline, eliminate several projects in development, and streamline our organizational structure, which will reduce our headcount and This will reduce future hiring needs.”

Take-Two's layoffs follow a wave of layoffs across the gaming industry, including layoffs at Sony's PlayStation, EA, Microsoft Gaming, Riot Games, and Epic Games.

Take-Two announced in February that it was undertaking a “significant” cost-cutting plan after mixed results for the October-December 2023 period. At the time, CEO Strauss Zelnick said, “At this time, we have no plans to reduce our workforce.''

“Our largest line item expense was marketing, so we have the opportunity to optimize a lot of expenses that don't involve people. Things like marketing and third-party expenses and vendor fees can still be optimized.” Zelnick told Variety. “We're a large company, so we've always prided ourselves on being the most efficient company in the entertainment industry.”

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Take-Two estimates that it will incur costs of $160 million to $200 million as a result of its cost reduction plans, of which $40 million to $60 million is expected to be a future cash expense.

Take-Two said the total bill was approximately $120 million to $140 million for canceled games, $25 million to $35 million for employee severance and related costs, and $25 million to $35 million related to reduced office space. It is said that the price will reach between 15 million and 25 million dollars.

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