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BRUSSELS, May 10 (Reuters) - EU antitrust regulators are set to approve Microsoft Corp's (MSFT.O) $69 billion acquisition of Activision (ATVI.O) next week, with May 15 as the likeliest date, people familiar with the matter said. The European Commission's imminent clearance comes nearly three weeks after the UK competition authority blocked the deal, the biggest-ever deal in gaming, over concerns it would hinder competition in cloud gaming. The Commission, which has set a May 22 deadline for its decision, declined to comment. Japan approved the takeover in March while the U.S. Federal Trade Commission is also seeking to block it. Reporting by Foo Yun Chee; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC Chair Lina Khan: What best produces breakthrough innovations is competitionFTC Chair Lina Khan joins 'Squawk Box' to discuss the push for A.I. regulation, the Microsoft-Activision merger, the enforcement of antitrust & consumer protection laws, and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC Chair Khan on regulation: To ensure incumbents don't squash competition with existing dominanceFTC Chair Lina Khan joins 'Squawk Box' to discuss the push for A.I. regulation, the Microsoft-Activision merger, the enforcement of antitrust & consumer protection laws, and more.
EA's quarterly bookings beat estimates on 'FIFA' strength
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +1 min
May 9 (Reuters) - Videogame publisher Electronic Arts Inc (EA.O) beat fourth-quarter booking estimates on Tuesday as the latest installments in its "FIFA" and "Madden NFL" series kept gamer interest strong, sending the company's shares up 3.3% after the bell. EA reported net bookings of $1.95 billion in the fourth quarter, compared with Refinitiv estimates of $1.76 billion. "Record live services performance and increased engagement, particularly from our EA Sports FIFA franchise, drove better-than-expected Q4 net bookings," Chief Financial Officer Chris Suh said. EA also said it expects fiscal 2024 net bookings between $7.30 billion and $7.70 billion, compared with estimates of $7.52 billion. Bookings outlook for the current quarter was in line with expectations.
[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." "Charlie is 99 and Warren turns 93 on Aug. 30," Lountzis added, "and you just don't know how many more you're going to have." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview.
Berkshire Hathaway Chairman and CEO Warren Buffett gave Apple glowing reviews during Berkshire Hathaway's annual shareholders meeting Saturday. To be sure, Buffett clarified Berkshire doesn't have 35% of its holdings in Apple — as a questioner incorrectly believed. Bank of America Bank of America is Berkshire's sole bank holding, and Buffett said he plans to stick with it. "I think Microsoft has been remarkably willing to cooperate with governing bodies. But if it doesn't go through, I don't think it's through any shortcoming by Microsoft or Activision.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBerkshire stake in Activision Blizzard was 'one of the pinnacles' of my career, says Bobby KotickActivision Blizzard CEO Bobby Kotick speaks with CNBC from the 2023 Berkshire Hathaway annual shareholders meeting
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett on Microsoft-Activision deal: Microsoft has met the opposition more than halfwayBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. Warren Buffett reacts to the UK blocking Microsoft's Activision Blizzard deal.
Analysts are bullish on some of the stocks owned by Warren Buffet's Berkshire Hathaway . Still, some of the "Oracle of Omaha's" stocks are also well liked by analysts on Wall Street. CNBC Pro looked through his portfolio to find companies that met the following criteria: 55% or more of the analysts covering the stocks have a buy rating. Topping the list is Taiwan Semiconductor , with 83% of analysts rating it as buy and the average price target pointing to upside of 25%. The stock has buy ratings from 55.6% of analysts covering it, and the average price target suggests it could go up 40%.
Warren Buffett is set to kick off Berkshire Hathaway 's annual shareholder meeting Saturday before tens of thousands of adoring shareholders. Berkshire's annual "Woodstock for Capitalists" will be held in Omaha, Nebraska, the second straight in-person gathering after two virtual meetings during the pandemic. The question of Buffett's Activision stake is expected to come up at the annual meeting. Geico Berkshire shareholders will also be eager to learn more about what's next for auto insurer Geico , the crown jewel of Berkshire's insurance empire and Buffett's "favorite child." ESG issues There are a few ESG-related shareholder proposals being put to a vote at the annual meeting, including requiring Berkshire to publish an annual assessment of climate-related risks and publish data on its workforce composition by gender, race, and ethnicity.
Governments around the world are now trying to find a balance whereby they can assess and rein in some of the potential negative consequences of AI without stifling innovation. Britain in March opted to split regulatory responsibility for AI between those bodies that oversee human rights, health and safety, and competition, rather than creating a new body dedicated to the technology. CMA CEO Sarah Cardell said in a statement that AI had burst into the public consciousness and was developing at speed. The review in Britain echoes investigations taking place around the world, from Beijing to Brussels and Washington. Italy, a G7 member, took ChatGPT offline last month to investigate its potential breach of personal data rules.
[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview. Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Will Dunham and Megan DaviesOur Standards: The Thomson Reuters Trust Principles.
LONDON — The U.K. competition regulator launched an investigation into the artificial intelligence industry, seeking to examine potential competition and consumer concerns as U.S. tech giants Microsoft and Google square off over the technology. The probe will focus on "foundation models" like large language models and generative AI, such as those being developed by Microsoft-backed firm OpenAI. Large language models are AI systems trained on huge amounts of data to understand human language and come up with humanlike responses to user inputs. However, they have also caused alarm for regulators who are concerned by the rapid pace at which AI systems are being developed and what this means for the labor market. The announcement by the CMA follows a request by the government to regulators to review how principles like safety, transparency and accountability are being incorporated into AI systems.
Britain's competition watchdog said on Wednesday it was looking into Adobe Inc 's $20 billion buyout deal for cloud-based designer platform Figma to find if it could lead to "substantial lessening of competition" in the country. The move underlines regulators' worries that large tech firms acquiring smaller innovative rivals could throttle competition. UK Competition and Markets Authority (CMA) last week blocked U.S. software giant Microsoft's $69 billion acquisition of "Call of Duty" maker Activision Blizzard over concerns it would hinder cloud gaming. CMA said it has set June 30 as the deadline for its phase 1 decision on the the Adobe-Figma deal. Figma said it would "continue to engage constructively with regulators in the UK".
A Microsoft takeover of Activision Blizzard would give the Xbox maker control of the ‘Call of Duty’ videogame franchise. Photo: CARLO ALLEGRI/REUTERSCloud gaming is barely an actual business yet, but U.K. regulators want to make sure Microsoft never owns it. Their reasoning carries far greater implications than a deal that would give the Xbox maker control of “Call of Duty.”Microsoft says it plans to appeal the ruling last week from the U.K.’s Competition and Markets Authority, or CMA, to block the company’s $75 billion takeover of Activision Blizzard . The decision was a major surprise given earlier signs that suggested the agency was leaning in favor of letting the deal go through. The agency said it wanted to prevent the deal “to protect innovation and choice in cloud gaming,” a market that it predicts will be worth about one billion pounds—or roughly $1.25 billion—annually by 2026.
As recession fears keep flaring up again on Wall Street, investors can find safety in cheap, dependable, defensive stocks, according to UBS. The UBS playbook advises investors to stick to defensive stocks rather than the types of cyclical companies stocks that have benefited from high inflation. To be sure, investors have worried that defensive stocks have grown too expensive. But UBS pointed to several defensive groups that remain cheap, including telecom and insurance. Given this backdrop, here are some of UBS' cheap defensive stocks.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGary Cohn on JPMorgan Chase takeover of First Republic: I'm shocked it took so long to get hereFormer SEC Chair Jay Clayton and former NEC director Gary Cohn join 'Squawk Box' to discuss JPMorgan's acquisition of First Republic, the blocked Microsoft-Activision merger, and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer SEC Chair Jay Clayton: JPMorgan-First Republic takeover a good deal for the systemFormer SEC Chair Jay Clayton and former NEC director Gary Cohn join 'Squawk Box' to discuss JPMorgan's acquisition of First Republic, the blocked Microsoft-Activision merger, and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with former SEC Chair Jay Clayton and former NEC director Gary CohnFormer SEC Chair Jay Clayton and former NEC director Gary Cohn join 'Squawk Box' to discuss JPMorgan's acquisition of First Republic, the blocked Microsoft-Activision merger, and more.
LONDON, April 28 (Reuters) - Britain's Competition and Markets Authority (CMA) on Wednesday blocked Microsoft's (MSFT.O) $69 billion acquisition of 'Call of Duty' maker Activision Blizzard (ATVI.O) over concerns it would hinder cloud gaming. The regulator's decision reflected a flawed understanding of the market, it said. Microsoft can appeal to Britain's Competition Appeal Tribunal (CAT), an independent judicial body, which will only examine the CMA's decision-making process, not the merits of the merger. "The CAT aims to deal with 'straightforward' cases in under nine months – and Microsoft/Activision is anything but straightforward," Lane, said. The U.S. Federal Trade Commission filed a complaint to block the deal, which Microsoft has indicated it will fight.
The regulator's decision reflected a flawed understanding of the market, it said. Microsoft can appeal to Britain's Competition Appeal Tribunal (CAT), an independent judicial body, which will only examine the CMA's decision-making process, not the merits of the merger. "The CAT aims to deal with 'straightforward' cases in under nine months – and Microsoft/Activision is anything but straightforward," Lane, said. The U.S. Federal Trade Commission filed a complaint to block the deal, which Microsoft has indicated it will fight. The regulator then "identified certain potential errors" in its investigation chaired by Martin Coleman, who also oversaw the Microsoft-Activision case.
The agreement marks the latest effort by Microsoft to ease fears its purchase of Activision would hinder competition in cloud gaming, which was the reason cited by the Competition and Markets Authority to veto the biggest deal in gaming. In its decision on Wednesday, the CMA said Microsoft had an estimated 60%-70% of global cloud gaming services as well as competitive advantages including owning Xbox, PC operating system Windows and cloud provider Azure. The Activision deal is the biggest involving technology companies the regulator has blocked. Microsoft shares were slightly lower in U.S. premarket trading, while those of Activision ticked up 0.2%. Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra ELuriOur Standards: The Thomson Reuters Trust Principles.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's been 'an aggression' from FTC on large mergers, says fmr. FB general counsel Chris KellyChris Kelly, Kelly Investments founder and Facebook’s former chief privacy officer and general counsel, joins 'Squawk Box' to discuss the fallout from the Microsoft-Activision blocked merger, what it means for the FTC and dealmaking in the U.S., and more.
Microsoft’s Activision Loss Is Sony’s Gain
  + stars: | 2023-04-27 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
Japan’s Sony has scored a surprise win in the first round of the videogame merger wars. But Japan’s Sony has scored a surprise win in the first round of the videogame merger wars—thanks to the U.K. government. Antitrust regulators in the U.K. blocked Microsoft’s $75 billion deal to buy game maker Activision Blizzard on Wednesday, putting the fate of the transaction in serious doubt. The Competition and Markets Authority said the combination could hinder competition in the nascent cloud gaming segment. Both companies will appeal the ruling, but completing the deal now seems like a long shot.
Photo: Jae C. Hong/Associated PressBRUSSELS—The U.K. decision to block Microsoft Corp.’s plan to buy videogame producer Activision Blizzard Inc. is the latest sign of how global regulators are toughening their approach to market-dominating tech companies. The Competition and Markets Authority, the U.K.’s antitrust watchdog, said Wednesday that it was prohibiting the deal because commitments Microsoft had proposed didn’t go far enough in addressing its concerns. Microsoft said it would appeal the decision.
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