{"id":21764,"date":"2023-06-12T22:01:18","date_gmt":"2023-06-13T02:01:18","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ftc-files-injunction-to-block-microsoft-acquisition-of-activision-blizzard\/"},"modified":"2023-06-12T22:01:19","modified_gmt":"2023-06-13T02:01:19","slug":"ftc-files-injunction-to-block-microsoft-acquisition-of-activision-blizzard","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21764","title":{"rendered":"FTC files injunction to block Microsoft acquisition of Activision Blizzard"},"content":{"rendered":"
\n

Microsoft Corp. has another headwind in its proposed $69 billion acquisition of videogame publisher Activision Blizzard Inc., in the form of an injunction from the Federal Trade Commission.<\/p>\n

Late Monday, the FTC confirmed reports earlier in the day that it would block the acquisition, and filed a temporary restraining order and preliminary injunction against Microsoft
\n MSFT,
\n +1.55%<\/bg-quote>
\n and Activision Blizzard
\n ATVI,
\n -0.76%<\/bg-quote>
\n in a San Francisco federal court.<\/p>\n

\n

Antitrust complaints against the deal generally revolve around concerns that Microsoft, with its Xbox gaming console, could withhold hit Activision Blizzard videogame franchises such as \u201cCall of Duty\u201d and \u201cOverwatch\u201d from competing console platforms.<\/p>\n

\u201cA preliminary injunction is necessary to maintain the status quo and prevent interim harm to competition,\u201d the FTC said in its filing. \u201cThis loss of competition would likely result in significant harm to consumers in multiple markets at a pivotal time for the industry.\u201d<\/p>\n

In a statement late Monday, Brad Smith, Microsoft\u2019s vice chair and president, said \u201cWe welcome the opportunity to present our case in federal court. We believe accelerating the legal process in the U.S. will ultimately bring more choice and competition to the market.\u201d<\/p>\n

In mid-May, EU regulators approved the deal, after U.K. regulators said in April they would prohibit the deal\u00a0on anticompetitive concerns. <\/p>\n

In late May, Microsoft confirmed to MarketWatch earlier reports that the U.K.\u2019s Competition and Markets Authority had tentatively scheduled appeal hearings during the weeks of July 24 and July 31. <\/p>\n

Microsoft shares closed Monday up 1.6% at $331.85, and Activision Blizzard\u2019s finished down 0.8% at $79.77, compared with a 0.9% gain by the S&P 500 index
\n SPX,
\n +0.93%<\/bg-quote>,<\/span>
\n a 1.5% rise by the tech-heavy Nasdaq Composite Index
\n COMP,
\n +1.53%<\/bg-quote>,<\/span>
\n and a 0.6% gain by the Dow Jones Industrial Average
\n DJIA,
\n +0.56%<\/bg-quote>,<\/span>
\n of which Microsoft is a component.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Microsoft Corp. has another headwind in its proposed $69 billion acquisition of videogame publisher Activision Blizzard Inc., in the form of an injunction from the Federal Trade Commission. Late Monday, the FTC confirmed reports earlier in the day that it would block the acquisition, and filed a temporary restraining order and preliminary injunction against Microsoft […]<\/p>\n","protected":false},"author":1,"featured_media":21765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-21764","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFTC files injunction to block Microsoft acquisition of Activision Blizzard | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Microsoft Corp. has another headwind in its proposed $69 billion acquisition of videogame publisher Activision Blizzard Inc., in the form of an injunction\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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