EA is reportedly preparing to cut around $700 million in annual costs after completing its transition from a publicly traded company to private ownership. Bloomberg reporter Jason Schreier says the deal included approximately $18 billion in debt that EA must now help repay. EA targets major cost reductionsEA’s new owners reportedly want the company to lower annual expenses by approximately $700 million. But the publisher has told debt investors that it will cut $700 million in annual costs including $170 million in "organizational efficiencies," per Bloomberg. The $700 million target could also represent the first phase of a wider cost-cutting program.