01:48 PM EDT, 05/09/2024 (MT Newswires) -- Microsoft's ( MSFT ) Xbox is planning more job cuts following the closure of several video-game studios to cut costs, Bloomberg reported Thursday, citing people familiar with the plans.

Xbox this week started offering voluntary severance agreements to producers, quality assurance testers and others at ZeniMax, which it purchased in 2020 for $7.5 billion, Bloomberg reported.

One of the shuttered studios, Tango Gameworks, was in the process of pitching a sequel to the Hi-Fi Rush action game that was released last year, the report said.

A spokesperson for Xbox declined to comment, Bloomberg reported.

Microsoft ( MSFT ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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