Yahoo Finance Take-Two Interactive to Lay Off 5 Percent of Workforce As Video Game Giant Restructures
Take-Two Interactive will be cutting the company’s workforce by 5 percent as part of a broader cost-reduction plan.
The plan, which was approved by the board of directors of the video game publisher Tuesday, also includes eliminating “several projects in development” and “streamlining its organizational structure,” leading to the layoffs. The company expects to bring in $165 million in cost savings.
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The company did not name the projects to be eliminated. Take-Two Ineractive had 11,580 full-time employees as of March 2023.
The company will also incur between $160 million to $200 million in total charges in connection with the plan. The plan is expected to be completed by Dec. 31, 2024.
The company, which acquired mobile game publisher Zynga in 2022, is also home to popular game franchises such as Grand Theft Auto, NBA 2K, WWE 2K and Red Dead.
In late March, the video game publisher struck a definitive agreement with Embracer Group to acquire The Gearbox Entertainment Co., the maker of the Borderlands franchise, for $460 million in stock.
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