(Reuters) -Take-Two Interactive Software ( TTWO ) will lay off about 5% of its workforce, the publisher of the "Grand Theft Auto" franchise said on Tuesday, as the gaming industry extends its job cuts from the past two years into 2024.

The company said it would also scrap several projects that are in development as part of a cost-reduction plan, which is expected to lead to total charges of $160 million to $200 million.

The plan is expected to be largely complete by Dec. 31, 2024, it added.