Microsoft Shakes Up Xbox Division, Closes Renowned Studios in Major Cost-Cutting Move [Yahoo! Finance]
Sony Group Corporation American Depositary Shares (SONY)
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Source: Yahoo! Finance
According to sources familiar with the plans, this week, Xbox offered voluntary severance agreements to producers, quality assurance testers, and other staff at ZeniMax, which Microsoft acquired in 2020 for $7.5 billion. Additional cuts are likely across the Xbox organization, Bloomberg reports Employees were surprised by Tuesday's abrupt closure of three Xbox subsidiaries and the absorption of a fourth. Among those closed was Tokyo-based Tango Gameworks, known for the acclaimed action game Hi-Fi Rush, which was pitching a sequel. Xbox president Matt Booty praised Hi-Fi Rush during a town hall meeting on Wednesday. Booty mentioned that the company's studios had been stretched too thin and that the closures aimed to reallocate resources. Booty clarified that Arkane Austin, the developer behind Prey's shutdown, was unrelated to the poor performance of its recent multiplayer game, Redfall. Before closing, Arkane had planned to pitch a new single-player game in the Dishonored s
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SONY
Earnings
- 5/15/24 - Beat
SONY
Sec Filings
- 5/14/24 - Form 6-K
- 5/14/24 - Form 6-K
- 5/14/24 - Form 6-K
- SONY's page on the SEC website