After making $8.5 billion from GTA 5 and saying it had "no current plans" for layoffs, GTA 6 publisher announces nearly 600 layoffs and $140 million in canceled projects
Apr. 16, 2024As recently as February, Take-Two’s CEO said no layoffs were planned
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GTA 6publisher Take-Two Interactive has announced it’s laying off 5% of its workforce and canceling several projects.
PerBloomberg, Take-Two revealed in an end-of-business SEC filing a plan to save itself more than $165 million annually due to “reductions in its existing expense base and lowered projected expense growth for the coming years.” In the process, it’ll incur up to $200 million in charges, the majority of which - up to $140 million - is related to the cancelation of projects, while another $25 million to $35 million is related to employee severance and related costs. Take-Two is also reducing its office space as part of the plan.
In March,Take-Two acquired Borderlands developer Gearbox for $460 million, and GTA 6 is expected to be one of the most successful games of all time. Regardless, it’s now contributing to thestaggering number of layoffshitting the video game industry following the pandemic boom, including atMicrosoft, EA,Sony, Riot, and more.
Meanwhile,Baldur’s Gate 3 boss has told layoff-happy publishers to stop trying to “double” their money and instead “respect the people making the games.”
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After scoring a degree in English from ASU, I worked as a copy editor while freelancing for places like SFX Magazine, Screen Rant, Game Revolution, and MMORPG on the side. Now, as GamesRadar’s west coast Staff Writer, I’m responsible for managing the site’s western regional executive branch, AKA my apartment, and writing about whatever horror game I’m too afraid to finish.
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