Take-Two Interactive, the gaming company behind the biggest franchise, Grand Theft Auto is set to cut jobs in the coming weeks or months.
The company, which is known for projects like NBA 2K, Bioshock, and Grand Theft Auto, has announced cost-cutting measures that will affect five percent of its global workforce and shut down several projects in the process that are already in development.
In an SEC filing, the company said that it is “streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs.” The company 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 company also aims to complete the cost-cutting measures by the end of the year 2024.
According to the latest impact report, the company has 11,580 employees and about 579 of these would be affected by the cost-cutting measures.
However, the company has not disclosed which departments will be affected or which projects will be scrapped. The much-awaited Grand Theft Auto VI is expected to launch sometime next year. It is highly unlikely that this title will be affected.
We’ve been seeing mass layoffs for a couple of years now. This is another setback for the tech industry. One of the biggest gaming companies in the world is set to minimize the impact of declining growth.
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