Take-Two Interactive, best known for the popular Grand Theft Auto series, recently announced a workforce reduction by laying off approximately 5% of its employees.

The decision to reduce staff comes as the company prepares for the highly anticipated release of GTA 6 in 2025. According to an 8-K SEC filing, Take-Two Interactive initiated a “cost reduction program” (referred to as the “Plan”) that aims to be completed by the end of 2024, resulting in a workforce reduction of around 5%.

As of March 31, 2023, Take-Two Interactive employed roughly 11,580 individuals, with likely additional hires since then. With this in mind, it is estimated that approximately 600 employees have been laid off.

The company stated in the filing that it will be “eliminating several projects in development and streamlining its organizational structure, which will result in a reduction of headcount and future hiring needs.”

While the specific projects that have been canceled were not disclosed, there have been reports that the next installment in the Bioshock series, developed by Cloud Chamber under 2K Games, a subsidiary of Take-Two Interactive, may have been affected. Despite the lack of information on Bioshock 4 since its announcement years ago, it is possible that the project has been permanently shelved.

This news adds to the unfortunate trend of job cuts within the gaming industry. Following Sony’s decision to close its London Studio and lay off 900 employees globally, other studios like Supermassive Games, known for titles such as Until Dawn and The Dark Pictures, along with Visual Concepts Austin under the 2K umbrella, have also experienced staff reductions. Our thoughts are with those affected, and we hope they are able to quickly find new opportunities.