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☆ Microsoft and Activision Delay Deal to Settle British Regulatory Issues
  + stars: | 2023-07-19 | by ( Karen Weise | More About Karen Weise | ) www.nytimes.com   time to read: 1 min
Microsoft and Activision Blizzard said on Wednesday that they were delaying a $69 billion merger as the two companies scrambled to get final approval from British antitrust regulators. The new extension, set for Oct. 18, signals that the two companies believe they will complete the deal but need more time to satisfy regulators’ concerns. When Microsoft announced its plans to acquire the video game publisher Activision in early 2022, the two companies set a deadline of July 18 this year to close the deal. The revised agreement introduced an escalating breakup fee that Microsoft would have to pay to Activision if the purchase fell through, from $3 billion until Aug. 29, then growing to as much as $4.5 billion if it does not close by Sept. 15. “We are confident about our prospects for getting this deal across the finish line,” Brad Smith, Microsoft’s president, wrote on Twitter.
Persons: Activision Blizzard, Brad Smith Organizations: Microsoft, Activision, Twitter
☆ Microsoft and Activision extend their deal deadline
  + stars: | 2023-07-19 | by ( Brian Fung | ) edition.cnn.com   time to read: +3 min
Washington CNN —Microsoft and Activision have mutually agreed to extend their merger deadline by three months in the face of ongoing negotiations with the UK government that could allow the $69 billion acquisition to close, the two companies announced on Wednesday. The announcement highlights the commitment by both companies to complete the deal after back-to-back court defeats for US regulators who had challenged the merger. The new contractual deadline for consummating the deal will be October 18, the companies said. If the deal fails to close by Sept. 15, the breakup fee could increase to $4.5 billion, the filing said. We’re confident in our next steps and that our deal will quickly close.”In a memo to employees, Activision CEO Bobby Kotick thanked staff for their patience.
Persons: ” Brad Smith, We’re, Bobby Kotick, “, ” Kotick, Phil Spencer, ” Spencer Organizations: Washington CNN, Microsoft, Activision, Securities and Exchange Commission, Markets Authority, CMA, Activision Blizzard, ” Locations: U.S, United States
☆ Microsoft can close its Activision merger, federal judge rules
  + stars: | 2023-07-11 | by ( Brian Fung | ) edition.cnn.com   time to read: +6 min
CNN —A federal judge will not block Microsoft (MSFT) from closing its $69 billion deal to acquire video game giant Activision Blizzard, a defeat for US regulators who had asked for a temporary injunction while legal challenges to the merger unfold. Microsoft could potentially finalize the deal with Activision in a matter of days, ahead of a July 18 contractual deadline, or the parties could mutually seek to extend that timeframe. During a five-day hearing last month in federal court, Microsoft executives including CEO Satya Nadella testified that properties such as “Call of Duty” would not be restricted from competitors following the deal’s close. UK officials also previously moved to block the Activision merger in April, citing some of the same concerns the FTC raised in its case and triggering an appeal from Microsoft. “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 this effect.”
Persons: ”, “, Jacqueline Scott Corley, Corley, Satya Nadella, Tuesday’s, Microsoft’s, “ We’re, Brad Smith, we’ve, Bobby Kotick, Meta’s, ” Douglas Farrar, we’ll, ” Smith Organizations: CNN, Microsoft, Activision, US, Court, Northern, Northern District of, Sony PlayStation, Federal Trade Commission, FTC, Regulators, Nvidia, Nintendo, “, PlayStation, Appeals, Ninth Circuit, Markets, CMA Locations: Northern District, Northern District of California, ”, San Francisco
☆ FTC to seek federal court order temporarily blocking Microsoft-Activision deal
  + stars: | 2023-06-12 | by ( Brian Fung | ) edition.cnn.com   time to read: +1 min
CNN —The Federal Trade Commission plans to file in federal court to prevent Microsoft and Activision-Blizzard from closing their $69 billion merger, according to a person familiar with the matter. The FTC sued Microsoft in the agency’s administrative court in December, challenging the deal as anticompetitive. “We welcome the opportunity to present our case in federal court,” Brad Smith, Microsoft’s president, said in a statement. Microsoft has struck 10-year licensing agreements with some game platforms that will ensure those titles remain available. Antitrust officials from the European Union blessed the deal last month, saying that Microsoft’s concessions were enough to address its competition concerns.
Persons: ” Brad Smith Organizations: CNN, Federal Trade Commission, Microsoft, Activision, Court, Northern, Northern District of, FTC, Sony, “, Antitrust, European Union Locations: Northern District, Northern District of California, U.S, European
☆ FTC looks to block Microsoft's blockbuster acquisition of Activision Blizzard
  + stars: | 2022-12-08 | by ( Brian Fung | ) edition.cnn.com   time to read: +4 min
Washington CNN —The Federal Trade Commission on Thursday sued to block Microsoft’s $69 billion acquisition of Activision Blizzard, challenging one of the largest tech acquisitions in history. “We have been committed since Day One to addressing competition concerns, including by offering earlier this week proposed concessions to the FTC. Microsoft’s proposed deal would give it control over key video game franchises, including “Call of Duty,” “World of Warcraft” and more. But the FTC complaint marks the first attempt by an antitrust regulator to block the deal outright. The list included a promise, which would cover the proposed Activision deal, not to give preferential treatment to its own published games on digital marketplaces it runs.
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