Activision Blizzard CEO Bobby Kotick reveals in The Claman Countdown what led to the video game company’s record-breaking fourth-quarter earnings results.
According to multiple reports, the Federal Trade Commission (FTC) is halting Microsoft’s $69 billion purchase of video game maker Activision Blizzard.
MICROSOFT and ACTIVISION are appealing the UK’s decision to block the $69 billion deal
In response, Microsoft vice president and president Brad Smith told FOX Business, “We welcome the opportunity to bring our case to federal court.”
Brad Smith, President, Microsoft. ((Photo by Stephen McCarthy/Sportsfile for Web Summit via Getty Images) / Getty Images)
“We believe that accelerating the legal process in the US will eventually lead to more choice and competition in the marketplace,” he concluded.
FOX Business inquiries to the FTC were not immediately answered.
MICROSOFT EXEC SAYS AI MUST REMAIN UNDER HUMAN CONTROL
In April, UK regulators, the Competition and Markets Authority, tried to block the purchase, arguing that “the only effective remedy for the significant loss of competition is to ban the merger of the biggest deal in tech history.”
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 326.79 | +1.53 | +0.47% |
| ATVI | ACTIVISION BLIZZARD INC. | 80.20 | -0.18 | -0.22% |
Both Microsoft and Activision appealed the UK regulator’s decision, although they met opposition to the cash deal from contemporaries like Sony and regulators in the US and Europe, who feared the consolidation would give Microsoft control of cloud gaming Industry and popular game franchises like Call of Duty, World of Warcraft and Candy Crush.
In February, Activision CEO Bobby Kotick made his comments on regulators during an appearance on The Claman Countdown.
DO AI TOOLS LIKE CHATGPT RESULT IN LESS SETTINGS? A large proportion of small business owners think so
“I think what we’re seeing right now is regulators that have very little experience with our industry,” he told moderator Liz Claman. “There could likely be a lot of consolidation over time, but it’s a highly fragmented industry and today Japanese and Chinese companies are the dominant players.”
VIDIA shares surge with leading AI load-up
Cloud gaming allows games to be streamed to tablets, phones and other devices, freeing gamers from buying expensive consoles and gaming computers.
ET FOX BUSINESS ON THE GO BY CLICKING HERE