Owner of Grand Theft Auto to layoff hundreds and cut projects

The company expects to complete its downsizing efforts by the end of this year.

Take-Two Interactive, the gaming company behind franchises like Grand Theft Auto, NBA 2K, and Bioshock, has announced cost-cutting measures that will lay off “approximately five percent” of its global workforce and scrap several projects already in development.

The company said in an SEC filing published on Tuesday that it is “streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs.” Take-Two says it will incur charges of up to $200 million to enact its “cost reduction program,” which aims to save the company over $165 million per year. The downsizing efforts are expected to be “largely complete” by December 31st, 2024.

A five percent workforce reduction works out to around 579 of the 11,580 employees that Take-Two disclosed in its latest impact report. The company hasn’t specified which teams will be affected, or which projects will be dropped. Grand Theft Auto VI, the highly anticipated title expected to launch next year is likely unaffected.

This announcement from one of the world’s biggest gaming companies is yet another blow to the industry, which has been blighted by mass layoffs since 2023. Take-Two is also currently in the process of purchasing Borderlands developer Gearbox from Embracer Group for $460 million.