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☆ Microsoft is facing another hurdle in closing a $70 billion deal to buy Activision Blizzard: a new FTC lawsuit
▼ + stars: | 2023-06-12 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

The FTC just filed a new lawsuit to seek to stop Microsoft's purchase of Activision Blizzard. Microsoft has been trying to win the OK from global regulators for the nearly $70 billion purchase. This suit, filed in federal court in San Francisco, seeks to stop the deal from closing. "We welcome the opportunity to present our case in federal court," Brad Smith, Microsoft's vice chair and president, said in a statement Monday. "By filing in federal court to enjoin the transaction, the FTC is showing that it won't back down in the face of Microsoft's escalatory tactics."

Persons: Brad Smith, Matt Kent Organizations: FTC, Activision Blizzard, Microsoft, Activision, Morning, Federal Trade Commission, Sony, PlayStation, Nintendo, UK's, Public Citizen, Public Locations: San Francisco, China, Japan, Brazil, South Korea

The Federal Trade Commission on Monday applied for a temporary restraining order and preliminary injunction seeking to block Microsoft's acquisition of Activision Blizzard before the deal's July 18 deadline. If the deal falls apart, Microsoft might wind up owing Activision Blizzard a termination fee worth up to $3 billion. The FTC sued to block the acquisition in December 2022, choosing to bring the case before its internal administrative law judge. A hearing on the FTC's case will begin on Aug. 2, the agency said in Monday's filing. Regulators had originally felt that Microsoft might be able to prevent other companies from distributing Activision Blizzard games on other consoles other than Microsoft's Xbox.

Persons: Satya Nadella, it's, Brad Smith, Bobby Kotick, Smith, Jeremy Hunt, Jim Ryan, Lulu Cheng Meservey Organizations: Microsoft Corp, Bloomberg, Economic, Federal Trade Commission, Activision Blizzard, CNBC, FTC, Microsoft, Activision, Sony, Xbox, Competition, Markets Authority, Regulators, Sony PlayStation, Sony Interactive Locations: Davos, Switzerland, U.S

☆ US FTC asks court to block Microsoft from closing Activision deal
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: 1 min

June 12 (Reuters) - The Federal Trade Commission (FTC) asked a U.S. judge to block Microsoft (MSFT.O) from closing on its $69 billion deal to acquire Activision Blizzard (ATVI.O), warning that the companies could move forward after Friday. The FTC sued the companies on Monday in San Francisco and sought a temporary restraining order, warning that if the deal was consummated the combined company could "begin altering Activision’s operations and business plans, accessing Activision’s sensitive business information, eliminating key Activision personnel, changing Activision’s game development efforts, and entering into new contractual relationships on behalf of Activision." Reporting by David Shepardson; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: David Shepardson, Mark Porter Organizations: Federal Trade Commission, Microsoft, Activision Blizzard, FTC, Activision, Thomson Locations: San Francisco

☆ US FTC seeks court order to block Microsoft acquisition of Activision -source
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - The U.S. Federal Trade Commission will seek a court order to block Microsoft Corp's (MSFT.O) acquisition of Activision Blizzard (ATVI.O), a source familiar with a planned court filing said on Monday. Shares in Microsoft rose 0.8% Monday, while Activision fell 0.5%. The FTC plans to make the filing seeking the order in the Northern District of California, the source said. "We welcome the opportunity to present our case in federal court," said Microsoft president Brad Smith in a statement. But antitrust experts say the FTC faces an uphill battle to convince a judge to block the deal because of the voluntary concessions offered by Microsoft to allay fears it could dominate the gaming market.

Persons: Brad Smith, Joe Biden, Rami Ayyub, David Shepardson, Doina Chiacu, Nick Zieminski, Conor Humphries Organizations: U.S . Federal Trade Commission, Microsoft, Activision Blizzard, FTC, Activision, Nintendo, Sony Group, EU, Northern District of, Sony, U.S, Thomson Locations: Northern District, Northern District of California, Washington

☆ 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 Chairwoman Lina Khan testifies during the House Energy and Commerce Subcommittee on Innovation, Data, and Commerce hearing on the "FY2024 Federal Trade Commission Budget," in Rayburn Building on Tuesday, April 18, 2023. The Federal Trade Commission is set to file for an injunction Monday seeking to block Microsoft's proposed acquisition of Activision Blizzard , a person familiar with the matter told CNBC. By filing for an injunction, the FTC is seeking to stop the transaction from going through before the deal's July 18 deadline. The FTC had already sued to block the $68.7 billion acquisition, choosing to bring the case before its internal administrative law judge. An appeal of the U.K.'s Competition and Markets Authority's decision to block the merger is also scheduled to take place this summer shortly after the acquisition deadline.

Persons: Lina Khan, Brad Smith Organizations: Energy, Federal Trade Commission, Activision Blizzard, CNBC, FTC, Microsoft, Activision, Sony Locations: Rayburn, U.S

☆ Activision intervenes in Microsoft challenge to UK regulator's block
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 9 (Reuters) - "Call of Duty" maker Activision Blizzard (ATVI.O) has been given permission to intervene in Microsoft's (MSFT.O) legal battle with Britain's anti-trust regulator over its decision to block the $69 billion takeover. Activision has now been given permission to intervene in Microsoft's appeal at the Competition Appeal Tribunal, which is expected to be heard next month. That means Activision will also be able to make their case to the tribunal. The U.S. Federal Trade Commission has also blocked the deal, a decision which is under appeal by Microsoft. Microsoft's president Brad Smith, who met Britain's finance minister for talks on Tuesday, said earlier this week that the company wants to address regulators' concerns about the Activision acquisition.

Persons: gaming's, Brad Smith, Sam Tobin, William James Our Organizations: Activision, Britain's, Microsoft, Competition, Britain, CMA, U.S . Federal Trade Commission, Thomson Locations: Microsoft's

☆ Warren Buffett – he invests just like us!
▼ + stars: | 2023-06-07 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

NEW YORK, June 7 (Reuters Breakingviews) - “Do as I say, not as I do” sounds like the kind of pithy thing Warren Buffett might say to his adoring throngs. The conglomerate was an investor for a dozen years, until Buffett got spooked by Freddie Mac’s overly rosy earnings growth projections. The $1.3 billion stake it finished accumulating in 1994 was worth $25 billion last month. A $13 billion stake in IBM (IBM.N) came and went, as did $8 billion of JPMorgan (JPM.N) and almost $3 billion of biopharmaceutical company AbbVie (ABBV.N). Warren Buffett, Berkshire’s chairman and CEO, said that geopolitical tensions contributed to the decision to sell most of the $4.1 billion TSMC stake just a few months after buying it, the Nikkei reported on April 11.

Persons: Warren Buffett, can’t, There’s, Buffett, Freddie Mac, Freddie Mac’s, Coke, Benjamin Moore, TSMC, ”, Wells, ” Buffett, Berkshire Hathaway, John Foley, Sharon Lam Organizations: YORK, Reuters, Berkshire Hathaway, Home Loan Mortgage, U.S ., Berkshire, BNSF, Taiwan Semiconductor Manufacturing, Buffett, ” Morningstar, Treasury, New York Stock Exchange, American Express, IBM, JPMorgan, Activision, Occidental Petroleum, Paramount Global, Oracle, Reuters Graphics Reuters, Nikkei, Thomson Locations: Berkshire, U.S, TSMC . Berkshire, Japan, Taiwan, Omaha, China

☆ Saudi Arabia's Public Investment Fund just reshaped professional golf with the PGA Tour-LIV merger. That's just the start
▼ + stars: | 2023-06-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, according to its most recent filing. A state-owned investment fund like the PIF is not unique. Critics of LIV Golf accused the Saudis of backing the new tour as a form of “sportswashing” its reputation. For example it’s not clear exactly how much it invested to start up LIV Golf. CNN has not been able to confirm that report, but what is known is that LIV Golf tournaments have been held on Trump Organization properties.

Persons: petro, LIV Golf, LIV, Yasir Al, Rumayyan, Cristiano Ronaldo, Karim Benzema, ”, Elon Musk, Jared Kushner, Donald Trump’s, Kushner, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, – CNN’s Coy Wire, Jack Bantock, Steve Almasy Organizations: New, New York CNN, Saudi, Saudi Public Investment Fund, Sovereign Wealth Fund, PGA, Soccer, Saudi Aramco, Newcastle United, Saudi Pro League, CNBC, Electronic Arts, EA, Activision Blizzard, Ticketmaster, Carnival Corp, Twitter, Washington Post, CNN, Trump Organization, US State Department, Congress Locations: New York, Europe, Saudi, English, Al, Saudi Arabia, al Qaeda

☆ Microsoft searching for solutions over UK block on Activision deal -president
▼ + stars: | 2023-06-06 | by ( Paul Sandle | ) www.reuters.com time to read: +1 min

LONDON, June 6 (Reuters) - The president of Microsoft (MSFT.O) said he was looking for solutions to try to get British approval for the software giant's $69 billion acquisition of "Call of Duty" maker Activision Blizzard (ATVI.O). British competition authorities blocked the biggest ever deal in gaming in April, in a shock decision which Microsoft has since appealed. "I'm in search of solutions," Microsoft President Brad Smith told the techUK Tech Policy Leadership conference in London on Tuesday. The EU's competition authorities approved the deal in May after they accepted remedies put forward by Microsoft that were broadly comparable to those it proposed in the UK. Microsoft has also appealed the U.S. Federal Trade Commission's action seeking to block the deal on the grounds that, the agency said, it would suppress competition.

Persons: Brad Smith, Smith, Paul Sandle, Sarah Young, Kate Holton Organizations: Microsoft, Activision, techUK Tech, U.S . Federal Trade, Thomson Locations: British, London, EU

☆ Microsoft to pay $20 million to settle Xbox Live privacy allegations
▼ + stars: | 2023-06-06 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN —Microsoft will pay $20 million to settle US government allegations that the tech giant violated children’s privacy by illegally collecting their personal information through its Xbox Live gaming service. Microsoft also allegedly kept for years the personal information of millions of people, including children, who started creating accounts with Xbox Live but who never completed the sign-up process. For example, Xbox Live’s default settings restrict who children can interact with on the service, the FTC said. In agreeing to settle the claims, Microsoft committed to several additional measures beyond the financial penalty. Microsoft agreed to delete any personal information it collects from kids if they don’t complete the account registration process.

Persons: “, Microsoft’s Organizations: Washington CNN, Microsoft, Xbox, Federal Trade Commission, U.S . Federal Trade Commission, FTC, COPPA, Activision, European Union, US Locations: European

☆ Diablo IV Wants Gamers to Slay Monsters in Hell Forever
▼ + stars: | 2023-06-05 | by ( Brian X. Chen | ) www.nytimes.com time to read: +1 min

With hits like World of Warcraft and Diablo, Blizzard Entertainment is considered a progenitor of the “forever game,” addictive experiences that players cannot put down because they seemingly never run out of quests to complete or gear to collect. As players fought through dungeons, slain monsters dropped loot, such as weapons and jewelry, that would empower their characters. Sometimes they were randomly rewarded with rare and exceedingly potent loot, much like pulling a slot machine and hitting the jackpot. The endless dopamine-inducing hunt was a winning formula that persuaded Diablo players over the past 26 years to invest hundreds, sometimes thousands, of hours into building the perfect character. But as the studio, now part of Activision Blizzard, prepares to release Diablo IV for computers and Xbox and PlayStation consoles on Tuesday, it is modifying its casino-like tactics to build a forever game for modern times.

Persons: deviousness Organizations: Blizzard Entertainment, Diablo, Activision Blizzard, PlayStation

☆ Russia Says It Fended Off the Largest Ukrainian Assault in Months
▼ + stars: | 2023-06-05 | by ( ) www.wsj.com time to read: 1 min

Why Call of Duty Could Stand in the Way of a $75 Billion DealGlobal regulators are concerned that if Microsoft acquires games publisher Activision Blizzard it could have an unfair advantage in the videogame industry, partly due to the popularity of Call of Duty. WSJ tech reporter Sarah Needleman joins host Zoe Thomas to explain what makes the Call of Duty franchise so successful. Plus, WSJ Pro reporter Brian Gormley discusses why patches that can deliver vaccines are attracting more investors. Photo: Activision

Persons: Sarah Needleman, Zoe Thomas, Brian Gormley Organizations: Microsoft, Activision

☆ Some Diablo 4 players reported invalid license error messages after the video game's early access launch
▼ + stars: | 2023-06-02 | by ( Associated Press | ) www.businessinsider.com time to read: +6 min

Early access for Diablo 4 faced issues, including licensing errors for some PlayStation users. Diablo 4 marks the latest installment of Blizzard "Diablo" series, which began in 1996, and arrives more than a decade after Diablo 3 was released in May 2012. Here's what you need to know about Thursday's early access launch and the coming official release of Diablo 4. It's unclear how many early access players have been impacted by the error. According to Blizzard, Diablo 4 is set decades after the events of "Diablo 3: Reaper of Souls."

Persons: Blizzard, Rod Fergusson, Adam Fletcher, Inarius, Liam Deane, Omdia Organizations: Diablo, PlayStation, Morning, Blizzard Entertainment, Activision Blizzard, Activision, Windows, Blizzard, Xbox, Druids, Sorceresses, Microsoft, European Union, Sony, Associated Press Locations: U.S

☆ Some Diablo 4 players are reporting invalid license error messages after the video game's early access launch
▼ + stars: | 2023-06-02 | by ( Associated Press | ) www.businessinsider.com time to read: +6 min

Early access for Diablo 4 faced issues, including licensing errors for some PlayStation users. Diablo 4 marks the latest installment of Blizzard "Diablo" series, which began in 1996, and arrives more than a decade after "Diablo III" was released in May 2012. Here's what you need to know about Thursday's early access launch and the coming official release of "Diablo IV." It's unclear how many early access players have been impacted by the error. According to Blizzard, Diablo 4 is set decades after the events of "Diablo III: Reaper of Souls."

Persons: Blizzard, Rod Fergusson, Adam Fletcher, Inarius, Liam Deane, Omdia Organizations: Diablo, PlayStation, Morning, Blizzard Entertainment, Activision Blizzard, Activision, Windows, Blizzard, Xbox, Associated Press, Druids, Sorceresses, Microsoft, European Union, Sony Locations: U.S

☆ Why Microsoft’s $75 Billion Bid for Activision Blizzard Hinges on Call of Duty
▼ + stars: | 2023-05-29 | by ( Sarah E. Needleman | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/why-microsofts-75-billion-bid-for-activision-blizzard-hinges-on-call-of-duty-e86df589

☆ Microsoft sets out grounds for Activision appeal against UK regulator
▼ + stars: | 2023-05-26 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

LONDON, May 26 (Reuters) - Microsoft (MSFT.O) is challenging Britain's decision to block its $69 billion takeover of "Call of Duty" maker Activision Blizzard (ATVI.O) on the grounds of "fundamental errors" in the assessment of Microsoft's cloud gaming services. Britain's anti-trust regulator, the Competition and Markets Authority (CMA), vetoed the deal in April, saying it could hurt competition in the nascent cloud gaming market, sparking a furious row. Microsoft confirmed on Wednesday it had filed an appeal against the ruling to Britain's Competition Appeal Tribunal (CAT), and a summary of its arguments was published on Friday. It said the CMA's conclusion that the deal would lead to a substantial lessening of competition in the United Kingdom's cloud gaming market was wrong, according to the summary. ISetting out five grounds for appeal in total, it also said it would challenge the CMA's understanding of the cloud gaming market and the impact of the deal.

☆ Facebook-Giphy sale shows how fear of regulators is slowing M&A market
▼ + stars: | 2023-05-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Instagram chief Adam Mosseri touted Giphy's "amazing team" and "expressive" userbase, and stressed Giphy's user data was "not the motivation." The sale was forced by the U.K.'s antitrust regulator, which ruled Meta's acquisition posed a risk to the social media and advertising markets. Jonathan Kanter, who helms the Department of Justice's Antitrust Unit, and Lina Khan, the Federal Trade Commission's chair, have been given wide latitude by President Joe Biden to pursue potentially anticompetitive behavior. Prior to his DOJ posting, Kanter worked in private practice, advising directors and executives on potential deals and attendant regulatory pitfalls. Van Grack, the former chief of the DOJ's Foreign Agent Registration Act unit, noted regulatory scrutiny was increasing for years prior to the current administration.

☆ Microsoft paused raises and cut bonuses to 'invest in the AI wave,' exec tells employees in internal message
▼ + stars: | 2023-05-24 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +6 min

One exec explained a reason for the change is "wanting to invest in the AI wave." A Microsoft executive said a reason behind the company's decision to halt raises and cut bonuses and stock awards this year is "wanting to invest in the AI wave," an internal message viewed by Insider read. "The most important lever for almost all our employees' compensation upside is the stock price," Capossela wrote in the message. Some Microsoft employees have been vocal about the blow to morale from pay changes and recent layoffs, saying in internal messages directed at executives and viewed by Insider. That might be true if we were a private company perhaps like a private law firm, but for publicly traded companies like Microsoft, investors become a critical stakeholder.

Persons: Satya Nadella, Chris Capossela, Capossela, I've, Ashley Stewart Organizations: Microsoft, OpenAI, Activision, Companies

☆ Meta sells Giphy to Shutterstock at a loss in a $53 million deal
▼ + stars: | 2023-05-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

The online stock-photo marketplace Shutterstock announced Tuesday it would acquire Giphy from Meta Platforms for $53 million, a significant loss for Meta, which acquired Giphy in 2020 for $315 million. The acquisition is an all-cash deal, and in an investor presentation, Shutterstock said it would maintain its full-year revenue guidance. U.K.'s Competition and Markets Authority had ordered Meta to divest Giphy in 2022, citing potential anti-competitive effects. Like many technology companies, Meta has faced stiffening regulatory oversight in the U.S. as well. The FTC proposed a "blanket" ban preventing Meta from monetizing young user's data and alleged Meta had violated a 2020 privacy order.

Persons: Shutterstock, Shutterstock's, Meta Organizations: Meta, Markets Authority, CMA, Technology, Activision, FTC, CNBC Locations: Giphy, U.S

☆ Microsoft is bringing an A.I. chatbot to data analysis
▼ + stars: | 2023-05-23 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

Scott Guthrie, executive vice president of Microsoft's cloud and artificial intelligence group, speaks at the Microsoft CIO Summit in Redmond, Washington, on Feb. 1, 2023. Microsoft 's hefty investment in artificial intelligence chatbots is finding its way into data analysis. For example, the data can be tapped in Synapse Data Science for collaborating on AI models and Power BI business intelligence software for building charts and dashboards. A single Copilot will be available for the tools in the Microsoft Fabric portfolio, which includes Data Factory, Synapse Data Engineering, Synapse Data Warehousing, Synapse Real-Time Analytics and a new monitoring tool called Data Activator, in addition to Power BI and Synapse Data Science, a Microsoft spokesperson said. He said that Copilot will be able to write formulas using Microsoft's Data Analysis Expressions language in Power BI.

The private plaintiffs sued Microsoft in California federal court in December to enjoin the deal, which they called harmful to competition. Corley pushed back on the gamers' allegation that Microsoft would limit availability of the game. A lawyer for the gamers said on Monday they will press on with their challenge to the deal despite losing this preliminary round. Corley dismissed the gamers' first lawsuit in March, ruling that plaintiffs had not offered adequate factual support for claims that the deal would violate U.S. antitrust law. The case is DeMartini v. Microsoft Corp, U.S. District Court, Northern District of California, No.

☆ Janet Yellen told bank CEOs more mergers may be necessary, sources say
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN. However, sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs. Yellen echoed remarks from US regulators who have said there may be bank mergers in the current environment, one person familiar with the matter said. Yet earlier this month, regulators allowed JPMorgan Chase, the nation’s largest bank, to buy most of First Republic, the second-largest bank to fail in US history. Michael Hsu, acting comptroller of the currency, told lawmakers earlier this week that his agency would be willing to quickly consider bank mergers.

Take-Two Interactive Software Inc (TTWO.O) on Wednesday rounded off a strong March quarter for the sector that saw its three major players post net bookings growth of between 11% and 66%. The company said "NBA 2K23", "Grand Theft Auto V" and "Grand Theft Auto Online" were some of the top contributors to its net bookings growth in the reported quarter. The company forecast net bookings of more than $8 billion for next year, which was above analysts' estimates. "It (the GTA VI release) would be a watershed moment for the category of open-world games," said MoffettNathanson analyst Clay Griffin. "Tens and tens of millions of units would be sold immediately, and a new or completely refreshed GTA: Online would redefine what a modern 'metaverse' really looks like."

☆ These are the top 10 holdings of Berkshire Hathaway's $325 billion stock portfolio
▼ + stars: | 2023-05-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

These are the top 10 stocks held in Berkshire Hathaway's $325 billion stock portfolio as of March 31. With various portfolio changes in the first quarter of the year, Berkshire Hathaway's top 10 holdings of US stocks has shifted, though Apple still represents a near 50% of the portfolio. In fact, the top 10 positions in Berkshire Hathaway's portfolio make up a massive 90.2% of its entire portfolio. These are the top 10 stocks held in Berkshire Hathaway's $325 billion US stock portfolio as of March 31. American ExpressCredit cards fill a display at American Express headquarters John Moore/Getty ImagesTicker: AXPPosition: $25.0 billionPercent of portfolio: 7.7%2.

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