Lucas Arts (the game arm of Lucas Film) has been doing this since the early 2000s. Allegedly, new management came from the film industry and could not comprehend why their game studios kept FTEs between projects. So they started laying off most of the staff at the end of a project to rehire them a few months later. After a couple of iterations they started canceling projects because they could not get enough staff (e.g. the PS3/360 Indiana Jones game could not start because of this, allegedly) and eventually had to shut down their game business all together despite being one of the bigger players at the turn of the century. I have not been working there but have quite a few acquaintances who did and all of them had been out by ~2007. I also had to turn down dozens of their recruiters during those times.