New York - Video game publisher Take-Two Interactive has announced plans to lay off an undisclosed number of staff, as part of a restructuring aimed at reviving a company that has lately seen a shareholder revolt and been plagued with controversies over stock options and its "Grand Theft Auto" game franchise.

Take-Two, which saw a 23% decline in revenue for its second quarter, said it plans to cut $25 million in expenses by the end of its 2008 fiscal year.

The company's CEO and most of its board was ousted in a shareholder vote in March, following a period that saw its share price drop in the wake of federal probes into both its stock options granting practices, and a scandal over sexual content hidden in "Grand Theft Auto."

Take-Two also announced that it has named Lainie Goldstein as its new chief financial officer, replacing Karl Winters, who resigned after Take-Two's boardroom shakeup.

News of the restructuring sent Take-Two shares about 6% higher on Tuesday.

Related Links:
http://biz.yahoo.com/bw/070611/20070611006189.html?.v=1

http://www.forbes.com/feeds/ap/2007/06/12/ap3813331.html (AP)

http://www.take2games.com