{"id":34635,"date":"2023-07-12T10:53:15","date_gmt":"2023-07-12T14:53:15","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/activision-stock-soars-after-ftc-loses-bid-to-block-microsoft-deal\/"},"modified":"2023-07-12T10:53:18","modified_gmt":"2023-07-12T14:53:18","slug":"activision-stock-soars-after-ftc-loses-bid-to-block-microsoft-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34635","title":{"rendered":"Activision Stock Soars After FTC Loses Bid to Block Microsoft Deal"},"content":{"rendered":"
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The Federal Trade Commission has lost its request for a preliminary injunction to block Microsoft\u2019s $69 billion deal to purchase Activision Blizzard, according to a ruling from U.S. District Judge Jacqueline Scott Corley. <\/p>\n

Critics of the acquisition have focused on the popularity of Activision\u2019s Call of Duty<\/em> franchise and the power it would give Microsoft in the console gaming market. But the judge was not convinced. <\/p>\n

\n

\u201cThe FTC has not shown it is likely to succeed on its assertion the combined firm will probably pull Call of Duty<\/em> from Sony PlayStation, or that its ownership of Activision content will substantially lessen competition in the video game library subscription and cloud gaming markets,\u201d Corley wrote in the filing. \u201cTo the contrary, the record evidence points to more consumer access to Call of Duty<\/em> and other Activision content.\u201d<\/p>\n

\n Activision Blizzard
\n (ticker: ATVI) shares closed up 10% on Tuesday, to $90.99, following the news, while
\n Microsoft
\n (MSFT) stock was up 0.2% to $332.47.<\/p>\n

Microsoft has said it has offered a 10-year commitment for Call of Duty<\/em> games to continue to be published on Sony\u2018s PlayStation consoles. Microsoft has also reached a deal with
\n Nintendo
\n to make Call of Duty<\/em> games for its platform if the merger is completed.<\/p>\n

The FTC can appeal, but some experts have said such a move is unlikely based on historical precedent. Last month, the government requested the injunction to block Microsoft from closing its Activision Blizzard deal ahead of its July 18th deadline. A trial in the government agency\u2019s in-house court is scheduled for August.<\/p>\n

\u201cWe are disappointed in this outcome given the clear threat this merger poses to open competition in cloud gaming, subscription services, and consoles. In the coming days we\u2019ll be announcing our next step to continue our fight to preserve competition and protect consumers,\u201d FTC spokesman Douglas Farrar said in an email.<\/p>\n

Microsoft President Brad Smith thanked the judge in a statement for the quick decision, adding \u201cwe\u2019ve demonstrated consistently throughout this process, we are committed to working creatively and collaboratively to address regulatory concerns.\u201d<\/p>\n

Activision Blizzard CEO Bobby Kotick also said in a statement: \u201cOur merger will benefit consumers and workers. It will enable competition rather than allow entrenched market leaders to continue to dominate our rapidly growing industry\u201d after the ruling.<\/p>\n

The ruling in the U.S. is still not a guarantee that the merger will be completed. The U.K.\u2019s Competition and Markets Authority is now the main roadblock. It has ruled to block the deal, a move that had been appealed by Microsoft. <\/p>\n

But Microsoft is trying again to get U.K. approval or find an alternative by altering the merger deal. Later Tuesday, Microsoft\u2019s Smith said the company is looking into modifying the transaction to appease the U.K. regulatory agency: \u201cAfter today\u2019s court decision in the U.S., our focus now turns back to the UK. While we ultimately disagree with the CMA\u2019s concerns, we are considering how the transaction might be modified\u202fin order to address those concerns in a way that is acceptable to the CMA. In order to prioritize work on these proposals, Microsoft and Activision have agreed with the CMA that a stay of the litigation in the UK would be in the public interest and the parties have made a joint submission to the Competition Appeal Tribunal to this effect.\u201d<\/p>\n

The statement about pursuing a new solution with the U.K., seemed to drive Activision Blizzard shares higher in Tuesday trading.<\/p>\n

Write to Tae Kim at tae.kim@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

The Federal Trade Commission has lost its request for a preliminary injunction to block Microsoft\u2019s $69 billion deal to purchase Activision Blizzard, according to a ruling from U.S. District Judge Jacqueline Scott Corley. Critics of the acquisition have focused on the popularity of Activision\u2019s Call of Duty franchise and the power it would give Microsoft […]<\/p>\n","protected":false},"author":1,"featured_media":34636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-34635","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nActivision Stock Soars After FTC Loses Bid to Block Microsoft Deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Federal Trade Commission has lost its request for a preliminary injunction to block Microsoft\u2019s $69 billion deal to purchase Activision Blizzard,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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