Take-Two to Layoff 5% of Workforce Ahead of GTA 6
Apr. 17, 2024Along with the layoffs, the company is also canceling several projects that are in development as part of the cost-reduction plan. Without mentioning the names of the projects, the estimated charges for the game are shared to be around up to$200 million. Furthermore, Take-Two expects to save $165 million in annual costs through this move.
Take-Two acquired Gearboxfor $460m in a record deal earlier this year. According toReuters reports,Canceled projects will account for as much as $140 million of the total charges, while severance and employee-related costs are expected to be up to $35 million. As part of this budget cut, Take-Two is also expected to remove some officespace.
Take-Two is currently focused on putting GTA 6 on consoles by next year. Although some questions arise around the game being finished before the estimated window, the canceled projects could mean that the company is heavily focusing on the Grand Theft Auto franchise for now.
What do you think about these mass layoffs in the video game industry? Which games do you speculate are canceled due to the budget cuts? Share your thoughts in the comments below.
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