Take-Two Interactive to Lay Off 5% of Its Employees

The company will also be discontinuing various projects under development, although the specific games affected were not disclosed. With over 11,000 employees as of the end of 2023, approximately 550 people will be impacted by the cuts, raising questions about their potential effects on the development of GTA VI.

Take-Two anticipates completing the restructuring by the end of 2024, aiming to achieve annual savings of approximately $165 million. Despite these changes, the release of GTA VI on PS5 and Xbox Series X|S in 2025 remains on track, as per earlier reports from Insider Gaming that indicated development progress unaffected by any speculated issues.

Earlier in February, Take-Two CEO Strauss Zelnick stated that the company’s cost reduction program won’t lead to any layoffs, but it seems that the plans have changed.