Posted 3/29/2024, 2:00:00 AM
Take-Two Layoffs Begin Hours After $460M Gearbox Purchase, Marking $840M Loss for Embracer
- Layoffs began at Gearbox within hours of acquisition by Take-Two
- Former Gearbox employees took to Twitter to announce they had been laid off
- Embracer Group sold Gearbox to Take-Two for $460 million, after paying $1.3 billion for it in 2021
- The sale price represents an approx. $840 million loss for Embracer in just over 2 years
- The layoffs and financial loss illustrate the volatile state of the video game industry