WASHINGTON (dpa-AFX) - Take-Two Interactive (TTWO), owner of franchises -
Grand Theft Auto, NBA 2K, and BioShock, has announced its decision to cut its
global work force by around 5 percent or 579 jobs, and scrap several projects in
development to save over $165 million annually.

As per an SEC filing, the gaming company said that it is 'streamlining its
organizational structure, which will eliminate headcount and reduce future
hiring needs.'

The video game-maker said that it has 'approved a cost reduction program to
identify efficiencies across its business and enhance the company's margin
profile, while still investing for growth.'

Take-Two, which had 11,580 full-time employees as of March 2023, said that the
canceled projects will account for about $140 million of the total charges,
whereas severance and employee-related costs are expected to be up to $35
million.

The cost-reduction and downsizing program to be completed by the end of 2024,
will incur charges of up to $200 million, the company stated.

However, the company has not shared any details regarding which teams will be
affected or which projects will be dropped. It is expected that Grand Theft Auto
VI, to be launched next year, will likely remain unaffected.



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