Update: Alan Lewis, Vice President for Corporate Affairs at Take-Two, is denying the story, writing:
“While it is our policy not to comment on rumours and speculation, we wanted to clarify an erroneous report regarding our Company… we initiated a targeted restructuring of our corporate departments only in order to better align our resources with our current goals. Some of these changes were associated with the pending sale of our Jack of All Games distribution business. To be clear, there were no reductions made at the studio level.”
The rumour from MCV that we reported, however, was about forthcoming layoffs, so this is something of a non-denial denial. Asked to clarify, Lewis stated that MCV’s report was based on misinformation, but would not deny that studio layoffs were forthcoming.
Either way, investors are still happy; Take-Two is up over 4.8% today.
Earlier: Take-Two Interactive (TTWO) is planning to lay off 20% of its global work force, roughly 400 people, sources tell MCV.
Take-Two is New York City based, but has studios spread across the world. The layoffs are expected to hit both studios and publishing.
A major shake up was universally expected after corporate raider Carl Icahn raised his profile at the struggling developer.
The stock is up 3% to 9.62 today.
The first big test of the year for Take-Two comes next week, when the much-anticipated sequel to the acclaimed BioShock will hit stores at the same time as EA’s Dante’s Inferno. Here’s the trailer for the game, which ran on Jimmy Fallon’s show last night: