(Reuters) -Take-Two Interactive Software will lay off about 5% of its workforce, or around 600 employees, the publisher of the "Grand Theft Auto" franchise said on Tuesday, as the video-gaming industry extends its more than two-year long job cuts.

The company will also scrap several projects in development as part of a cost-reduction plan, which is expected to result in total charges of up to $200 million. It declined to name the projects that have been canceled .