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How the Microsoft and Activision Blizzard merger review unfolded

Microsoft agreed in January 2022 to buy Activision Blizzard for 68.7 billion dollars. The UK CMA blocked the deal over cloud gaming in April 2023 and cleared a restructured version in October 2023 after Activision's cloud streaming rights outside the EEA went to Ubisoft. The European Commission approved it with conditions, while the US FTC lost its bid for a preliminary injunction and later dropped its case.

🇺🇸 United States🇬🇧 United Kingdom🇧🇪 Belgium🇫🇷 France
18 January 2022 to 22 May 2025 · 23 dated events · 16 sources
Where it stands now · as of 1 November 2026

The acquisition closed on 13 October 2023, and the last regulatory challenge ended when the FTC dismissed its administrative complaint on 22 May 2025, after the Ninth Circuit upheld the denial of a preliminary injunction. No further proceedings against the deal were found in records reviewed as of 1 November 2026.

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In 30 seconds: the turning points
  1. 18 Jan 2022 Microsoft agrees to buy Activision Blizzard
  2. 8 Dec 2022 FTC files administrative complaint to block the deal
  3. 26 Apr 2023 CMA blocks the deal over cloud gaming
  4. 15 May 2023 European Commission clears the deal with conditions
  5. 10 Jul 2023 Judge Corley denies the FTC's injunction request
  6. 22 Aug 2023 CMA final order and a restructured deal
deal value$68.7bnincluding Activision's net cash
cloud rights held by Ubisoft15 yearsoutside the EEA, per the CMA
EU cloud streaming commitments10 yearsper the European Commission
from announcement to closingAbout 21 months18 January 2022 to 13 October 2023

Timeline of events

Overview · 18 Jan 2022 to 22 May 2025 · click a dot to jump
202220232024202518 January 2022: Microsoft agrees to buy Activision Blizzard6 July 2022: CMA opens its merger inquiry1 September 2022: CMA finds possible harm at phase 115 September 2022: Deal referred for in-depth phase 2 review8 November 2022: European Commission opens in-depth investigation8 December 2022: FTC files administrative complaint to block the deal8 February 2023: CMA publishes provisional findings24 March 2023: CMA drops its console gaming concern26 April 2023: CMA blocks the deal over cloud gaming15 May 2023: European Commission clears the deal with conditions12 June 2023: FTC asks federal court for a preliminary injunction10 July 2023: Judge Corley denies the FTC's injunction request14 July 2023: Ninth Circuit refuses an emergency injunction16 July 2023: Microsoft and Sony agree to keep Call of Duty on PlayStation20 July 2023: FTC case withdrawn from adjudication22 August 2023: CMA final order and a restructured deal22 September 2023: CMA signals the new deal addresses its concerns13 October 2023: CMA clears the restructured deal13 October 2023: Microsoft completes the acquisition20 November 2023: Microsoft withdraws its UK tribunal challenge6 December 2023: Ninth Circuit hears the FTC's appeal7 May 2025: Ninth Circuit upholds the injunction denial22 May 2025: FTC dismisses its administrative case
2022
18 Jan 2022
Turning point
Corporate

Microsoft agrees to buy Activision Blizzard

Microsoft announced an all-cash agreement to acquire Activision Blizzard for 95 dollars a share, valuing the deal at 68.7 billion dollars including Activision's net cash. It said it expected to close in fiscal year 2023, subject to regulatory review and shareholder approval.

“Players everywhere love Activision Blizzard games, and we believe the creative teams have their best work in front of them”Phil Spencer, CEO of Microsoft Gaming, Microsoft
$68.7 billion acquisition price🇺🇸 Redmond, WashingtonMicrosoft
6 Jul 2022
Investigation

CMA opens its merger inquiry

The UK Competition and Markets Authority formally began its review of the deal and invited comments until 20 July 2022, according to its case page.

🇬🇧 LondonUK Competition and Markets Authority
1 Sep 2022
Finding

CMA finds possible harm at phase 1

The CMA announced its phase 1 decision that the merger may be expected to substantially lessen competition in the UK and would be referred for an in-depth investigation unless the parties offered acceptable undertakings.

🇬🇧 LondonUK Competition and Markets Authority
15 Sep 2022
Investigation

Deal referred for in-depth phase 2 review

The CMA referred the merger for an in-depth phase 2 investigation by an independent inquiry group chaired by Martin Coleman.

🇬🇧 LondonUK Competition and Markets Authority
8 Nov 2022
Investigation

European Commission opens in-depth investigation

The European Commission opened an in-depth phase 2 investigation of the deal, saying Microsoft could foreclose access to Activision Blizzard's console and PC video games, Bloomberg reported. Reuters reported the Commission set a 23 March 2023 deadline for its decision.

🇧🇪 BrusselsBloombergInvesting.com (Reuters)
8 Dec 2022
Turning point
Filing

FTC files administrative complaint to block the deal

The US Federal Trade Commission issued an administrative complaint challenging the acquisition under its in-house Part 3 process, alleging the deal would give the Xbox maker control of top video game franchises. Microsoft and Activision filed their answers on 22 December 2022.

🇺🇸 Washington, DCUS Federal Trade CommissionUS Federal Trade Commission
2023
8 Feb 2023
Finding

CMA publishes provisional findings

The CMA published provisional findings together with a notice of possible remedies, setting out concerns about the deal's effect on competition.

🇬🇧 LondonUK Competition and Markets Authority
24 Mar 2023
Finding

CMA drops its console gaming concern

In an addendum to its provisional findings, the CMA provisionally concluded that the deal would not substantially lessen competition in UK console gaming, narrowing its concerns to cloud gaming.

🇬🇧 LondonUK Competition and Markets Authority
26 Apr 2023
Turning point
Ruling

CMA blocks the deal over cloud gaming

The CMA published its final report blocking the acquisition. It found Microsoft held an estimated 60 to 70 percent of global cloud gaming services and would have an incentive to make Activision's games exclusive to its own cloud service. It rejected Microsoft's proposed ten year behavioural remedy as insufficient.

“Cloud gaming needs a free, competitive market to drive innovation and choice.”Martin Coleman, chair of the CMA inquiry panel, UK Competition and Markets Authority
🇬🇧 LondonUK Competition and Markets AuthorityUK Competition and Markets Authority
15 May 2023
Turning point
Ruling

European Commission clears the deal with conditions

The European Commission approved the acquisition subject to ten year commitments giving consumers in the EEA a free licence to stream Activision Blizzard PC and console games they own or access through a multigame subscription on any cloud streaming service, with a matching free licence for cloud providers.

“In such a fast-growing and dynamic industry, it is crucial to protect competition and innovation.”Margrethe Vestager, Executive Vice-President of the European Commission, European Commission
🇧🇪 BrusselsEuropean Commission
12 Jun 2023
Filing

FTC asks federal court for a preliminary injunction

The FTC asked the US District Court for the Northern District of California to halt the deal while its administrative case proceeded, according to the Ninth Circuit. The court held an expedited five day evidentiary hearing because the merger was set to close on 18 July 2023.

🇺🇸 San Francisco, CaliforniaUS Court of Appeals for the Ninth Circuit
10 Jul 2023
Turning point
Ruling

Judge Corley denies the FTC's injunction request

Judge Jacqueline Scott Corley denied the preliminary injunction, concluding that the FTC had not raised serious questions about whether the merger was likely to substantially lessen competition, as the Ninth Circuit later described the ruling.

🇺🇸 San Francisco, CaliforniaUS Court of Appeals for the Ninth Circuit
14 Jul 2023
Ruling

Ninth Circuit refuses an emergency injunction

A Ninth Circuit panel denied the FTC's emergency motion for an injunction pending appeal, according to the court's later opinion.

🇺🇸 San Francisco, CaliforniaUS Court of Appeals for the Ninth Circuit
16 Jul 2023
Corporate

Microsoft and Sony agree to keep Call of Duty on PlayStation

Microsoft Gaming CEO Phil Spencer announced on X that Microsoft and Sony had signed a binding agreement to keep Call of Duty on PlayStation after the acquisition. Game Informer and Engadget reported, citing an Xbox spokesperson and Axios respectively, that the agreement ran for 10 years.

“We look forward to a future where players globally have more choice to play their favorite games.”Phil Spencer, CEO of Microsoft Gaming, Game Informer
Game InformerEngadget
20 Jul 2023
Legal step

FTC case withdrawn from adjudication

The FTC granted a joint motion from Microsoft and Activision to withdraw the administrative matter from adjudication, according to its docket. The matter was returned to adjudication on 26 September 2023.

🇺🇸 Washington, DCUS Federal Trade Commission
22 Aug 2023
Turning point
Corporate

CMA final order and a restructured deal

The CMA made its final order, the Microsoft and Activision Merger Inquiry Order 2023, finally determining its inquiry. The same day it launched a new merger inquiry into a restructured transaction that excluded Activision's cloud streaming rights outside the EEA.

🇬🇧 LondonUK Competition and Markets AuthorityUK Competition and Markets Authority
22 Sep 2023
Finding

CMA signals the new deal addresses its concerns

The CMA found the restructured deal still raised concerns at phase 1 but said proposed undertakings might be accepted, and consulted on them and on Microsoft's request for consent until 6 October 2023. Under the plan, Ubisoft would take Activision's non-EEA cloud streaming rights for current and future PC and console games for 15 years.

🇬🇧 LondonUK Competition and Markets Authority
13 Oct 2023
Turning point
Ruling

CMA clears the restructured deal

The CMA accepted Microsoft's undertakings and granted consent for the acquisition without Activision's non-EEA cloud streaming rights, which went to Ubisoft. The CMA said Ubisoft could offer the games through any business model, including multigame subscriptions.

“we've made sure Microsoft can't have a stranglehold over this important and rapidly developing market.”Sarah Cardell, Chief Executive of the CMA, UK Competition and Markets Authority
🇬🇧 LondonUK Competition and Markets AuthorityUK Competition and Markets Authority
13 Oct 2023
Turning point
Closure

Microsoft completes the acquisition

The merger closed on the same day the CMA gave its final approval, according to the Ninth Circuit's opinion.

US Court of Appeals for the Ninth Circuit
20 Nov 2023
Legal step

Microsoft withdraws its UK tribunal challenge

The Competition Appeal Tribunal allowed Microsoft to withdraw its application for review of the CMA's April 2023 decision, by agreement with the CMA, and ordered Microsoft to pay the CMA's costs of the application.

🇬🇧 LondonCompetition Appeal Tribunal
6 Dec 2023
Legal step

Ninth Circuit hears the FTC's appeal

A panel of Judges Daniel Collins, Danielle Forrest and Jennifer Sung heard argument in the FTC's appeal of the injunction denial, according to the court's opinion.

🇺🇸 San Francisco, CaliforniaUS Court of Appeals for the Ninth Circuit
· · · 17 months later
2025
7 May 2025
Turning point
Ruling

Ninth Circuit upholds the injunction denial

The Ninth Circuit affirmed the district court, holding that it did not abuse its discretion in finding the FTC had not shown a sufficient likelihood of success on its Clayton Act section 7 claim. Judge Collins wrote the opinion.

“we affirm based solely upon the likelihood-of-success factor.”Judge Daniel P. Collins, for the Ninth Circuit panel, US Court of Appeals for the Ninth Circuit
🇺🇸 San Francisco, CaliforniaUS Court of Appeals for the Ninth Circuit
22 May 2025
Turning point
Closure

FTC dismisses its administrative case

The Commission, then led by Chairman Andrew Ferguson, issued an order dismissing its administrative complaint, stating that the public interest was best served by ending the litigation. Reuters reported that Microsoft President Brad Smith welcomed the decision.

“a victory for players across the country and for common sense in Washington, D.C.”Brad Smith, Microsoft President, as reported by Reuters, Insurance Journal (Reuters)
🇺🇸 Washington, DCUS Federal Trade CommissionUS Federal Trade CommissionInsurance Journal (Reuters)

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Sources

16 records, ranked by type
  1. 1Subject's own statement18 Jan 2022
    Microsoft to acquire Activision Blizzard to bring the joy and community of gaming to everyone, across every device
    Microsoft · news.microsoft.com
    Open original ↗Archived copy
  2. 2Official record13 Oct 2023
    Microsoft / Activision Blizzard merger inquiry (case page)
    UK Competition and Markets Authority · gov.uk
    Open original ↗Archived copy
  3. 3Official record26 Apr 2023
    Microsoft / Activision deal prevented to protect innovation and choice in cloud gaming
    UK Competition and Markets Authority · gov.uk
    Open original ↗Archived copy
  4. 4Official record13 Oct 2023
    Microsoft / Activision Blizzard (ex-cloud streaming rights) merger inquiry (case page)
    UK Competition and Markets Authority · gov.uk
    Open original ↗Archived copy
  5. 5Official record13 Oct 2023
    Microsoft concession a gamechanger that will promote competition
    UK Competition and Markets Authority · gov.uk
    Open original ↗Archived copy
  6. 6Official record15 May 2023
    Mergers: Commission clears acquisition of Activision Blizzard by Microsoft, subject to conditions (IP/23/2705)
    European Commission · ec.europa.eu
    Open original ↗Archived copy
  7. 7Official record22 May 2025
    Microsoft/Activision Blizzard, In the Matter of (Docket No. 9412, case page)
    US Federal Trade Commission · ftc.gov
    Open original ↗Archived copy
  8. 8Official record7 May 2025
    FTC v. Microsoft Corp., No. 23-15992 (opinion)
    US Court of Appeals for the Ninth Circuit · cdn.ca9.uscourts.gov
    Open original ↗Archived copy
  9. 9Official record22 May 2025
    Commission Order Dismissing Complaint, Docket No. 9412
    US Federal Trade Commission · ftc.gov
    Open original ↗Archived copy
  10. 10News report28 May 2025
    FTC Drops Case Over Microsoft's $69 Billion Activision Blizzard Deal (Reuters)
    Insurance Journal (Reuters) · insurancejournal.com
    Open original ↗Archived copy
  11. 11News report8 Nov 2022
    Microsoft-Activision Deal Faces In-Depth EU Merger Probe
    Bloomberg · bloomberg.com
    Open original ↗Archived copy
  12. 12News report17 Jul 2023
    Sony Signs 10-Year Agreement With Microsoft To Keep Call Of Duty On PlayStation
    Game Informer · gameinformer.com
    Open original ↗Archived copy
  13. 13Official record20 Nov 2023
    Microsoft Corporation v Competition and Markets Authority, Case 1590/4/12/23, Order of the President (withdrawal of application)
    Competition Appeal Tribunal · catribunal.org.uk
    Open original ↗Archived copy
  14. 14Official record8 Dec 2022
    FTC Seeks to Block Microsoft Corp.'s Acquisition of Activision Blizzard, Inc.
    US Federal Trade Commission · ftc.gov
    Open original ↗Archived copy
  15. 15News report16 Jul 2023
    Microsoft and Sony agree to keep Call of Duty on PlayStation
    Engadget · engadget.com
    Open original ↗Archived copy
  16. 16News report9 Nov 2022
    Microsoft's $69 billion Activision bid faces EU antitrust probe (Reuters)
    Investing.com (Reuters) · uk.investing.com
    Open original ↗Archived copy

Last updated 1 November 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.