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Take-Two Interactive to Lay Off 5% of Its Employees

Around 550 people will be affected.

Image credit: Rockstar, GTA 5

With each passing day, more and more companies want to focus on "efficiency" by cutting jobs. The last one to join the list is Take-Two Interactive.

The publisher of the beloved GTA series is laying off around 5% of its workforce as part of a cost-cutting initiative, which will allow Take-Two to "identify efficiencies across its business and enhance the company's margin profile."

"On April 16, 2024, the Board of Directors of Take-Two Interactive Software, Inc. (the "Company") approved a cost reduction program (the "Plan") to identify efficiencies across its business and enhance the Company's margin profile, while still investing for growth. As part of these efforts, the Company is rationalizing its pipeline and eliminating several projects in development and streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs," also stated in the SEC file (thanks, PC Gamer).

The company will also be discontinuing various projects under development, although the specific games affected were not disclosed. With over 11,000 employees as of the end of 2023, approximately 550 people will be impacted by the cuts, raising questions about their potential effects on the development of GTA VI.

Take-Two anticipates completing the restructuring by the end of 2024, aiming to achieve annual savings of approximately $165 million. Despite these changes, the release of GTA VI on PS5 and Xbox Series X|S in 2025 remains on track, as per earlier reports from Insider Gaming that indicated development progress unaffected by any speculated issues.

Earlier in February, Take-Two CEO Strauss Zelnick stated that the company's cost reduction program won't lead to any layoffs, but it seems that the plans have changed.

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Comments 1

  • Anonymous user

    A game that cost 265 million dollars earns 8.5 billion dollars and they have to lay off people.  Sounds like mismanagement 101.

    0

    Anonymous user

    ·3 months ago·

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