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Microsoft closes $69 billion Activision Blizzard deal after Britain's nod (www.reuters.com)

submitted 1 year ago by [email protected] to c/[email protected]

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[–] [email protected] 10 points 1 year ago

This is the best summary I could come up with:

LONDON, Oct 13 (Reuters) - Xbox maker Microsoft (MSFT.O) closed its $69 billion deal for Activision Blizzard (ATVI.O) on Friday, swelling its heft in the video-gaming market with best-selling titles including "Call of Duty" to better compete with industry leader Sony (6758.T).

Britain finally cleared Microsoft's acquisition of Activision earlier in the day after it forced the Xbox owner to sell the streaming rights to address its competition concerns.

But the regulator ripped up its play book by reopening the case after Microsoft agreed to sell the streaming rights to Activision's games to Ubisoft Entertainment (UBIP.PA), with remedies to ensure the terms were enforceable.

Microsoft announced the deal in early 2022, aiming to boost its growth in console, mobile, PC, and cloud gaming to compete with the likes of Tencent as well as PlayStation-owner Sony.

The British government only offered limited support to the CMA, with the Finance Minister Jeremy Hunt saying that while he did not want to undermine its independence, regulators also needed to focus on encouraging investment.

CMA Chief Executive Sarah Cardell said the regulator had "delivered a clear message to Microsoft that the deal would be blocked unless they comprehensively addressed our concerns and we stuck to our guns on that."

The original article contains 641 words, the summary contains 205 words. Saved 68%. I'm a bot and I'm open source!