TAKE TWO INTERACTIVE SOFTWARE INC (TTWO): restructuring charge — Take-Two approves cost reduction program: $160-200M charges, 5% workforce cut, $165M annual savings

TAKE TWO INTERACTIVE SOFTWARE INC

Plan includes $120-140M title cancellations, $25-35M severance, and $15-25M office space reductions.
Workforce reduced by approximately 5%, with actions largely complete by December 31, 2024.
Expects over $165 million in annual cost savings from reduced expense base and lower projected growth.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

TAKE TWO INTERACTIVE SOFTWARE INC announced a restructuring with charges of approximately $160 million to $200 million (approximately 5%).

Type: restructuring
Charge: approximately $160 million to $200 million
Headcount: approximately 5%

Exact text from the filing

On April 16, 2024 the Board of Directors of Take-Two Interactive Software, Inc. (the “Company”) approved a cost reduction program (the “Plan”) to identify efficiencies across its business and enhance the Company’s margin profile, while still investing for growth. As part of these efforts, the Company is rationalizing its pipeline and eliminating several projects in development and streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs. The Company estimates that it will incur approximately $160 million to $200 million in total charges in connection with the Plan.

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TAKE TWO INTERACTIVE SOFTWARE INC filing history →

Source: SEC EDGAR

accession 0001628280-24-016440

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