https://howitunfolded.com/companies/microsoft-activision-merger-review/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.enhttps://howitunfolded.com/companies/microsoft-activision-merger-review/#e22microsoft-activision-merger-review-47795d960cThu, 22 May 2025 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e21microsoft-activision-merger-review-fe6187c979Wed, 07 May 2025 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e20microsoft-activision-merger-review-f614da6402Wed, 06 Dec 2023 12:00:00 +0000A 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e19microsoft-activision-merger-review-27c4efb7d4Mon, 20 Nov 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e17microsoft-activision-merger-review-c16c06227fFri, 13 Oct 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e18microsoft-activision-merger-review-46737abf2bFri, 13 Oct 2023 12:00:00 +0000The merger closed on the same day the CMA gave its final approval, according to the Ninth Circuit's opinion.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e16microsoft-activision-merger-review-14042a9320Fri, 22 Sep 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e15microsoft-activision-merger-review-1ca33c9a14Tue, 22 Aug 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e14microsoft-activision-merger-review-31d1e2f112Thu, 20 Jul 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e13microsoft-activision-merger-review-ef9cab8bcaSun, 16 Jul 2023 12:00:00 +0000Microsoft 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e12microsoft-activision-merger-review-2aa4cb1379Fri, 14 Jul 2023 12:00:00 +0000A Ninth Circuit panel denied the FTC's emergency motion for an injunction pending appeal, according to the court's later opinion.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e11microsoft-activision-merger-review-06b5dcc24aMon, 10 Jul 2023 12:00:00 +0000Judge 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e10microsoft-activision-merger-review-65c6fde7dbMon, 12 Jun 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e9microsoft-activision-merger-review-ab7b07f931Mon, 15 May 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e8microsoft-activision-merger-review-9647634977Wed, 26 Apr 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e7microsoft-activision-merger-review-092b3ceb8bFri, 24 Mar 2023 12:00:00 +0000In 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e6microsoft-activision-merger-review-83cf6c9954Wed, 08 Feb 2023 12:00:00 +0000The CMA published provisional findings together with a notice of possible remedies, setting out concerns about the deal's effect on competition.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e5microsoft-activision-merger-review-c912558b8eThu, 08 Dec 2022 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e4microsoft-activision-merger-review-1f865e6d38Tue, 08 Nov 2022 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e3microsoft-activision-merger-review-4257e9ed9aThu, 15 Sep 2022 12:00:00 +0000The CMA referred the merger for an in-depth phase 2 investigation by an independent inquiry group chaired by Martin Coleman.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e2microsoft-activision-merger-review-1e20f50448Thu, 01 Sep 2022 12:00:00 +0000The 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.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e1microsoft-activision-merger-review-870e1956efWed, 06 Jul 2022 12:00:00 +0000The UK Competition and Markets Authority formally began its review of the deal and invited comments until 20 July 2022, according to its case page.https://howitunfolded.com/companies/microsoft-activision-merger-review/#e0microsoft-activision-merger-review-c6b1b643e4Tue, 18 Jan 2022 12:00:00 +0000Microsoft 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.