Take-Two plans to lay off 5 percent of its employees by the end of 2024

Take-Two Interactive plans to lay off 5 percent of its workforce, or about 600 employees, by the end of the year, as reported in an SEC filing Tuesday. The studio is also canceling several in-development projects. These moves are expected to cost 160 million to 200 million to implement, and should result in 165 million in annual savings for Take-Two. As the owner of Grand Theft Auto and the parent company of Rockstar Games, 2K, Private Division, Zynga and Gearbox, Take-Two is a juggernaut in the video game industry. It reported 5.3 billion in revenue in 2023, a nearly 2 billion increase over the previous year.