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Take-Two Interactive, the gaming company behind franchises like Grand Theft Auto<\/em>, NBA 2K<\/em>, and Bioshock<\/em>, has announced cost-cutting measures that will lay off \u201capproximately five percent\u201d of its global workforce and scrap several projects already in development.<\/p>\n<\/div>\n The company said in an SEC filing published on Tuesday<\/a> that it is \u201cstreamlining its organizational structure, which will eliminate headcount and reduce future hiring needs.\u201d Take-Two says it will incur charges of up to $200 million to enact its \u201ccost reduction program,\u201d which aims to save the company over $165 million per year. The downsizing efforts are expected to be \u201clargely complete\u201d by December 31st, 2024.<\/p>\n<\/div>\n A five percent workforce reduction works out to around 579 of the 11,580 employees that Take-Two disclosed in its latest impact report<\/a>. The company hasn\u2019t specified which teams will be affected, or which projects will be dropped. Grand Theft Auto VI<\/em><\/a>, the highly anticipated title expected to launch next year is likely unaffected.\u00a0<\/p>\n<\/div>\n