Activision restructuring cuts 500 jobs

More bad news from Activision camp; the publisher is set to cut a total of 500 jobs in an effort to restructure. This follows news of the Guitar Hero franchise being axed along with True Crime Hong Kong.

A corporate filing from the publisher explains: “The plan will result in the separation of approximately 500 employees. The plan is expected to be implemented in the quarter ending March 31, 2011, resulting in a net pre-tax charge in the first two quarters of 2011, which is expected to total between $35 and $50 million, comprised of severance costs, the costs of other separation benefits and other exit costs.

“All of the above estimated charges are expected to result in future cash expenditures during 2011.”

How will 2011 shape up for a drastically revised Activision?