{"id":28445,"date":"2024-04-17T06:18:55","date_gmt":"2024-04-17T06:18:55","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/17\/grand-theft-auto-maker-take-two-to-lay-off-5-of-staff-scrap-some-projects\/"},"modified":"2024-04-17T06:18:55","modified_gmt":"2024-04-17T06:18:55","slug":"grand-theft-auto-maker-take-two-to-lay-off-5-of-staff-scrap-some-projects","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/17\/grand-theft-auto-maker-take-two-to-lay-off-5-of-staff-scrap-some-projects\/","title":{"rendered":"‘Grand Theft Auto’ maker Take-Two to lay off 5% of staff, scrap some projects"},"content":{"rendered":"
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Take-Two Interactive Software will lay off about 5% of its workforce, or around 600 employees, the publisher of the “Grand Theft Auto” franchise said on Tuesday, as the video-gaming industry extends its more than two-year long job cuts.<\/p>\n

The company will also scrap several projects in development as part of a cost-reduction plan, which is expected to result in total charges of up to $200 million. It declined to name the projects that have been canceled .<\/p>\n

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Take-Two said the move is expected to drive more than $165 million of annual cost savings.<\/p>\n

The company’s shares were 1% higher in extended trading. They have fallen nearly 10% so far this year.<\/p>\n

The move aligns Take-Two with Tencent-owned Riot Games<\/a>, Electronic Arts<\/a> and Japan’s Sony Corp<\/a> in trimming workforce this year due to uncertain spending from consumers after the pandemic-era boom.<\/p>\n

PC and console gaming revenue growth is expected to remain below pre-pandemic levels through 2026 as gamers record fewer hours of playtime, according to research firm Newzoo<\/a>.<\/p>\n

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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, it said. Take-Two will also reduce some office space as part of the move. The company, which had 11,580 full-time employees as of March 2023, last month agreed to buy “Borderlands” maker Gearbox<\/a> for $460 million in a cut-price deal at a time consolidation is driving up prices for makers of well-known titles.<\/p>\n

Take-Two has been focused on the development of the next installment in the best-selling “Grand Theft Auto” franchise, but some reports have said the title could be delayed into 2026 from 2025. <\/p>\n<\/div>\n


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Take-Two Interactive Software will lay off about 5% of its workforce, or around 600 employees, the publisher of the “Grand Theft Auto” franchise said on Tuesday, as the video-gaming industry extends its more than two-year long job cuts. The company will also scrap several projects in development as part of a cost-reduction plan, which is […]<\/p>\n","protected":false},"author":2,"featured_media":28446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[10217,33050,17089,633,15089,5326,33049,8471,33048,9568,1442,500,33047,17087,14733,9282],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/28445"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=28445"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/28445\/revisions"}],"predecessor-version":[{"id":28447,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/28445\/revisions\/28447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/28446"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=28445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=28445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=28445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}