[STEAM][PRESS]Owner of Grand Theft Auto to layoff hundreds and cut projects

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The company expects to complete its downsizing efforts by the end of this year. | Image: Take-Two Interactive Take-Two Interactive, the gaming company behind franchises like Grand Theft Auto, NBA 2K, and Bioshock, has announced cost-cutting measures that will lay off “approximately five percent” of its global workforce and scrap several projects already in development.

The company said in an SEC filing

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that it is “streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs.” Take-Two says it will incur charges of up to $200 million to enact its “cost reduction program,” which aims to save the company over $165 million per year. The downsizing efforts are expected to be “largely complete” by December 31st, 2024.

A five percent workforce reduction works out to around 579 of the...

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