05:49 PM EDT, 04/16/2024 (MT Newswires) -- Take-Two Interactive Software ( TTWO ) said Tuesday it plans to cut roughly 5% of its workforce as part of a cost-reduction plan.

The firm said it is "rationalizing its pipeline and eliminating several projects" in development and streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs.

Take-Two Interactive said it expects to incur $160 million to $200 million in charges and achieve more than $165 million of annual cost savings following the plan, which is expected to be largely complete by Dec. 31.