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Take-Two Said Canceled Games Weren’t “Core Franchise”

Take-Two Said Canceled Games Weren’t “Core Franchise”

The new list of upcoming games in Take-Two’s Thursday, May 16, 2024, earnings report had 12 fewer games than the last time the company published the list. One of the slides of the publisher’s earnings report contained 40 titles it hopes to release by the end of fiscal year 2027.

Take-Two Said Canceled Games Weren’t “Core Franchise”

The list excluded the games it inherited from Gearbox. The last time that Take-Two showed its list of upcoming games in February, the company had a total of 52 games in development. However, following the restructuring announcement last month, the company also confirmed that it had canceled some games without mentioning the number of games affected.

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However, it is important to mention that this doesn’t necessarily mean that all 12 games missing from the list have been canceled. It is possible that some of the games may have been delayed beyond the 2027 fiscal year, hence their exclusion from the list.

“Our updated release schedule reflects the actions of our recent cost-reduction program, through which we canceled several titles to focus our efforts and resources on the franchises we believe represent our best opportunities to achieve significant critical and commercial success,” Take-Two president Karl Slatoff said.

“These titles did not include any of our core franchises and were not expected to materially affect our next bookings growth.”

Take-Two appeared particularly eager to reinforce investor confidence. Through the earnings call, its cost-reduction strategies were one feature that was highly emphasized. While speaking, the company’s CFO Lainie Goldstein also mentioned it.

“In terms of operating expenses, we recently implemented a cost-reduction program that is expected to deliver over $155 million in annual cost savings across our entire business,” Goldstein said. “As part of these efforts, we have eliminated several projects in development that we did not anticipate would meet our financial benchmarks.”

The cost-reduction measure was announced by Take-Two in April and is expected to lead to a 5% cut in the company’s workforce or around 600 people.