Jennifer Maas TV Business Writer Video game publishing giant Take-Two Interactive is laying off 5% of its workforce, approximately 600 employees, and canceling several projects currently in development as part of a cost-cutting initiative across the company behind “Grand Theft Auto.” Take-Two filed paperwork with the SEC Tuesday regarding the downsizing, which it says will be “largely complete” by the end of 2024. “The Company estimates that it will incur approximately $160 million to $200 million in total charges in connection with the Plan,” per Take-Two’s filing. “The Company expects $40 million to $60 million of the total charges to result in future cash expenditures.
The total charge consists of approximately $120 million to $140 million related to title cancellations, approximately $25 million to $35 million associated with employee severance and employee-related costs, and approximately $15 million to $25 million related to office space reductions.” More to come….
Read more on variety.com