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Author Topic: Take-Two plans to lay off 5 percent of its employees by the end of 2024  (Read 22 times)
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« 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="">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="">Gearbox[/url], the studio responsible for Borderlands, for $460 million. The company is preparing to release <a data-i13n="cpos:3;pos:1" href="">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="">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="">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="">record[/url]-<a data-i13n="cpos:7;pos:1" href="">breaking[/url] figures. <a data-i13n="cpos:8;pos:1" href="">Sony[/url] laid off about 900 people at PlayStation in February; <a data-i13n="cpos:9;pos:1" href="">Microsoft[/url] fired about 1,900 workers across its gaming division in January; <a data-i13n="cpos:10;pos:1" href="">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="">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

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