Grand Theft Auto owner Take-Two has announced it's laying off around five per cent of its more than 11,500-employee-strong workforce in an effort to save $165 million annually. Around 600 full-time workers will be affected by the layoffs, and some unannounced games within the publisher are to be cancelled as a result. Take-Two declined to say what the projects are.

A Reuters report on the matter reveals scrapping the titles in development will cost Take-Two around $140 million in charges, and then severance for employees and charges related to them will amount to $35 million. Some office space will also be reduced as part of the decision. Annually, the company expects to make back $165 million as a result of the downscaling, which is expected to be largely completed by the end of this year.

As well as having GTA 6 slated for the next year, Take-Two just bought Borderlands maker Gearbox, and also publishes titles from a number of other high-profile developers. Over the weekend, the GTA+ subscription service confirmed a price rise for all users.