Take-Two (TTWO +5.2%) is shutting down its Irrational Games studio, responsible for BioShock and BioShock Infinite. Studio chief Ken Levine states all but 15 of Irrational's employees will be laid off, and that he'll be "starting a smaller, more entrepreneurial endeavor at Take-Two."
Levine says Take-Two will eventually "announce a new endeavor with a new goal: To make narrative-driven games for the core gamer that are highly replayable." He adds the effort "will focus exclusively on content delivered digitally."
Shares have rallied today following news David Einhorn amassed a 3%+ stake in the game developer in Q4.