Take-Two Interactive will lay off around 5% of its workforce and cancel several projects currently in production as part of a plan to reduce costs across the company.
According to Reuters, about 600 employees will lose their jobs at the company, which is responsible for publishing high-profile franchises like Grand Theft Auto, Borderlands, and NBA 2K.
It's not clear in which specific areas or companies the cuts will be made, but it's unlikely that they'll affect Rockstar or its franchises, given the wild success of both Grand Theft Auto 5 and Red Dead Redemption 2.
The cost reduction measures will also involve the cancellation of several in-development projects at Take-Two, with the studio looking to save around $165 million per year.
Again, though, this is unlikely to affect the production of upcoming tentpole Grand Theft Auto 6, and given how recently a new Borderlands game was announced, that project is probably safe from cancellation as well.
Indeed, there's every chance that the projects which have been canceled as a result of these cost-saving measures hadn't been announced yet. We'll just have to wait and see what happens next.
Unfortunately, Take-Two's layoffs are part of a wider industry trend that has grown to encapsulate smaller and larger studios alike.
In recent months, we've seen studios like Apex Legends developer Respawn, gaming giants Sony and Microsoft, and even tabletop giant Hasbro being hit by layoffs to varying degrees.
Indie studios haven't escaped the layoff wave, either; developers like Disco Elysium's ZA/UM, Palia outfit Singularity 6, and Wayfinder studio Airship Syndicate have also been hit by layoffs recently.
It's unlikely that we'll find out which projects Take-Two canceled as part of this recent cost-saving effort, but we'll likely hear more about the company's future plans soon. Stay tuned for more as soon as we get it.
