Pages: [1]   Go Down
  Print  
Author Topic: Take-Two plans to lay off 5 percent of its employees by the end of 2024  (Read 22 times)
HCK
Global Moderator
Hero Member
*****
Posts: 79425



« on: April 18, 2024, 04:05:03 pm »

Take-Two plans to lay off 5 percent of its employees by the end of 2024

<p>Take-Two Interactive plans to lay off 5 percent of its workforce, or about 600 employees, by the end of the year, as reported in an <a data-i13n="cpos:1;pos:1" href="https://taketwointeractivesoftwareinc.gcs-web.com/static-files/b6e34920-92be-4751-8b7a-7334558bf5ac">SEC filing[/url] Tuesday. The studio is also canceling several in-development projects. These moves are expected to cost $160 million to $200 million to implement, and should result in $165 million in annual savings for Take-Two.&nbsp;</p>
<p>As the owner of Grand Theft Auto and the parent company of Rockstar Games, 2K, Private Division, Zynga and Gearbox, Take-Two is a juggernaut in the video game industry. It reported $5.3 billion in revenue in 2023, a nearly $2 billion increase over the previous year. Just a few weeks ago, Take-Two agreed to purchase <a data-i13n="cpos:2;pos:1" href="https://www.engadget.com/take-two-is-buying-gearbox-from-embracer-for-460-million-145711528.html">Gearbox[/url], the studio responsible for Borderlands, for $460 million. The company is preparing to release <a data-i13n="cpos:3;pos:1" href="https://www.engadget.com/rockstar-just-released-a-trailer-for-grand-theft-auto-vi-233306692.html">Grand Theft Auto VI[/url] in 2025, a move that should bring in billions on its own.</p>
<span id="end-legacy-contents"></span><p>Take-Two instituted a round of layoffs in 2023 across <a data-i13n="cpos:4;pos:1" href="https://twitter.com/jasonschreier/status/1633163594639503385?s=20">Private Division[/url] — the indie label behind Kerbal Space Program, The Outer Worlds and Rollerdrome — and other in-house studios.&nbsp;</p>
<p>An <a data-i13n="cpos:5;pos:1" href="https://publish.obsidian.md/vg-layoffs/Archive/2024">estimated 8,800 people[/url] in the video game industry have lost their jobs in 2024 so far, and a total of 10,500 industry employees were laid off in 2023. These are, depressingly, <a data-i13n="cpos:6;pos:1" href="https://www.engadget.com/layoffs-are-sucking-the-joy-out-of-video-games--this-weeks-gaming-news-174541450.html">record[/url]-<a data-i13n="cpos:7;pos:1" href="https://www.engadget.com/video-games-in-2023-acquisitions-layoffs-unions-143037174.html">breaking[/url] figures. <a data-i13n="cpos:8;pos:1" href="https://www.engadget.com/playstation-is-laying-off-900-staff-across-naughty-dog-insomniac-and-other-studios-145323606.html">Sony[/url] laid off about 900 people at PlayStation in February; <a data-i13n="cpos:9;pos:1" href="https://www.engadget.com/microsoft-slashes-1900-jobs-across-xbox-and-activision-blizzard-145304693.html">Microsoft[/url] fired about 1,900 workers across its gaming division in January; <a data-i13n="cpos:10;pos:1" href="https://www.engadget.com/riot-games-is-laying-off-11-percent-of-its-workforce-globally-022034243.html">Riot Games[/url] let go more than 500 people that same month — and these are just some of the most recent AAA layoffs. Take-Two is now at the head of this list.</p>
<p>Take-Two executives have been <a data-i13n="cpos:11;pos:1" href="https://www.ign.com/articles/take-two-ceo-says-they-have-no-current-plans-for-layoffs-amid-cost-reduction-program">hinting at[/url] a &quot;significant cost reduction program&quot; coming this year, but before today, they deflected questions about mass layoffs. In March, CEO Strauss Zelnick said on an investor call, &quot;The hardest thing to do is to lay off colleagues and we have no current plans.&quot;</p>This article originally appeared on Engadget at https://www.engadget.com/take-two-plans-to-lay-off-5-percent-of-its-employees-by-the-end-of-2024-235903990.html?src=rss

Source: Take-Two plans to lay off 5 percent of its employees by the end of 2024
Logged
Pages: [1]   Go Up
  Print  
 
Jump to: