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☆ FTC chair defends tenure as lawmakers battle over consumer agency's impact
▼ + stars: | 2023-07-13 | by ( Diane Bartz | David Shepardson | ) www.reuters.com time to read: +3 min

Representative Kevin Kiley, Republican from California, asked Khan about the cases that the agency had lost. “We fight hard when we believe there was a law violation, and unfortunately things don’t always go our way,” responded Khan. The agency also lost a fight to stop Facebook parent Meta Platforms from buying VR content maker Within Unlimited. Democrats on the committee sought to defend Khan, occasionally joined by Republicans on the panel including Rep. Ken Buck. Rep. Scott Fitzgerald, a Republican, however, worried about investors in small businesses losing their exit strategies.

Persons: Lina Khan, Lina M, Khan, Bill Nelson, Graeme Jennings, Activision Blizzard, Kevin Kiley, “, don’t, ”, ” Kiley, ” Khan, Darrell Issa, Trump, Ken Buck, Michael Kikukawa, Scott Fitzgerald, “ you’re, you’re, Black Knight, Jim Jordan, Elon, Jerry Nadler, Nadler Organizations: WASHINGTON, U.S . Federal Trade Commission, Republican, Commerce, Science, NASA, Capitol, Committee, Microsoft, “, Activision, Facebook, Republicans, White House Press, Rep, Black, Horizon Therapeutics, Twitter, FTC, Democrat Locations: Washington , U.S, California, U.S

Still, any outstanding regulatory hurdle makes it more likely that the agreement between Microsoft and Activision will expire on July 18 without the deal having been completed. The FTC's court filing about the appeal gave no details, which will go before the Ninth Circuit Court of Appeals on the West Coast. The FTC may request a stay from the appeals court stopping the deal from closing. When U.S. antitrust agencies lose merger challenges in court, appeals are rare. The agency settled with the companies before the appeals court made a decision.

Persons: We’re, Brad Smith, Jacqueline Scott Corley, Corley, Diane Bartz, Diane Craft Organizations: U.S . Federal Trade Commission, Microsoft, Activision, Microsoft's, Ninth Circuit, FTC, Biden, Markets Authority, Japan's Nintendo, Foods, Oats, Thomson Locations: West Coast, San Francisco

☆ Microsoft’s Court Win Puts U.K. Regulator in Challenging Spot Over Activision Deal
▼ + stars: | 2023-07-13 | by ( Kim Mackrael | ) 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/microsofts-court-win-puts-u-k-regulator-in-challenging-spot-over-activision-deal-a6e95963

Persons: Dow Jones Organizations: activision

The filing had no details on the appeal, which will go to the Ninth Circuit Court of Appeals on the West Coast. In her 53-page order, Corley said it was not enough for the FTC to argue that "a merger might lessen competition - the FTC must show the merger will probably substantially lessen competition." Legal scholars questioned that standard, saying that the U.S. antitrust law required the FTC to prove the proposed deal "may" harm competition, not that it "will." The deal is Microsoft's biggest ever, and the largest in the videogame industry's history. To address the agency's concerns, Microsoft agreed to license "Call of Duty" to rivals, including a 10-year contract with Nintendo, contingent on the merger closing.

Persons: Jacqueline Scott Corley, Biden, Judge Corley, Corley, Diane Bartz, Muralikumar Anantharaman, Diane Craft Organizations: U.S . Federal Trade Commission, Microsoft, Activision, Ninth Circuit, U.S, FTC, Nintendo, Thomson Locations: West Coast, San Francisco

☆ F.T.C. Chair Faces Criticism in Congressional Hearing
▼ + stars: | 2023-07-13 | by ( Cecilia Kang | More About Cecilia Kang | ) www.nytimes.com time to read: +1 min

During the highly partisan hearing, Republicans accused Ms. Khan, 34, who has carried out an aggressive agenda of lawsuits and investigations against tech companies, of “harassing” businesses. The lawmakers, who repeatedly cut off Ms. Khan midsentence, also ridiculed her for the F.T.C.’s recent losses in antitrust cases and for wasting government resources. “You are now 0 for 4 in merger trials,” Representative Kevin Kiley, Republican of California, said at the House Judiciary Committee hearing. “Why are you losing so much?”The blistering session capped a bruising week that has brought greater scrutiny to the F.T.C. after another judge decided in May against its attempt to block Meta’s acquisition of a virtual reality app maker, Within.

Persons: Lina Khan, Ms, Khan, Khan midsentence, Kevin Kiley, Khan’s Organizations: Federal Trade Commission, Activision Locations: California

WASHINGTON, July 13 (Reuters) - The U.S. Federal Trade Commission (FTC) asked a federal court on Thursday for a stay that would prevent Microsoft (MSFT.O) from closing its $69 billion purchase of "Call of Duty" maker Activision Blizzard (ATVI.O). A federal judge had ruled for Microsoft on Tuesday, saying the agency had failed to show the deal would be illegal under antitrust law. The FTC appealed that loss late on Wednesday, and Microsoft has said it would fight that appeal. In its motion, the FTC asked for an order that would prevent the deal from closing until after the 9th U.S. Circuit Court of Appeals has ruled on a separate stay request filed with that court.

Persons: Jacqueline Scott Corley, Diane Bartz, Tim Ahmann, Josie Kao Organizations: U.S . Federal Trade Commission, Microsoft, Activision, FTC, U.S, Circuit, Appeals, Britain's, Markets Authority, Thomson Locations: Britain, California

☆ FTC files appeal to pause Microsoft-Activision deal
▼ + stars: | 2023-07-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC files appeal to pause Microsoft-Activision dealCNBC's Steve Kovach joins 'Power Lunch' to report on FTC Chair Lina Khan being grilled by Congress and the FTC filing an appeal to pause Microsoft-Activision deal.

Persons: Steve Kovach, Lina Khan Organizations: Microsoft, Activision

[1/2] The sun sets behind the U.S. Capitol dome in Washington, U.S., on midterm election day, November 6, 2018. It was not the first loss for the agency under Khan. In addition, an internal FTC judge ruled for Illumina's (ILMN.O) purchase of Grail (GRAL.O). Lawmakers are also expected to bring up the committee's requests for documents regarding the agency's review of billionaire Elon Musk's purchase of Twitter. Conservatives have accused social media companies, including Twitter before it was acquired by Musk, of seeking to stifle conservative voices.

Persons: James Lawler Duggan, Lina Khan, Jim Jordan, Trump, Black Knight, Amgen's, Elon Musk's, Diane Bartz, Matthew Lewis Organizations: U.S, Capitol, REUTERS, WASHINGTON, U.S . Federal Trade Commission, Republican, Committee, FTC, Microsoft, Activision, Khan, Facebook, Illumina's, Black, Horizon Therapeutics, Twitter, Musk, Thomson Locations: Washington , U.S, Washington

WASHINGTON, July 13 (Reuters) - A U.S. appeals court on the West Coast opened a docket on Thursday on the U.S. Federal Trade Commission's effort to overturn its loss trying to stop Microsoft (MSFT.O) from buying "Call of Duty" maker Activision (ATVI.O). A federal judge in California had ruled for Microsoft on Tuesday, saying the agency had failed to show the deal was illegal under antitrust law. The FTC said late on Wednesday that it would appeal that loss, and Microsoft has said it would fight that appeal. The docket was opened in the Ninth Circuit Court of Appeals and suggests the text of the FTC's appeal was forthcoming. After July 18, either company will be free to walk away from the deal unless they negotiate an extension.

Persons: Jacqueline Scott Corley, Diane Bartz, David Shepardson, Chizu Organizations: Coast, U.S . Federal Trade, Microsoft, Activision, FTC, Ninth Circuit, Biden, Thomson Locations: California, San Francisco

☆ Microsoft, Activision weigh sale of some UK cloud-gaming rights - Bloomberg News
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Microsoft Corp (MSFT.O) and Activision Blizzard (ATVI.O) are considering giving up some control of their cloud-gaming business in the UK to appease regulators so they can complete their $69 billion merger, Bloomberg News reported on Thursday. The sale could involve the cloud-based market rights for games in the UK to a telecommunications, gaming or internet-based computing company, the report said, citing people familiar with the matter. Britain's competition regulator said on Wednesday a restructured deal between the companies could satisfy its anti-competition concerns regarding the merger, subject to a new investigation. Microsoft and Activision did not immediately respond to Reuters' request for comment. Reporting by Lavanya Ahire in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Lavanya, Sherry Jacob, Phillips Organizations: Microsoft Corp, Activision Blizzard, Bloomberg, Microsoft, Activision, Reuters, Thomson Locations: Bengaluru

☆ Lina Khan Whiffs on the Microsoft-Activision Tie-Up
▼ + stars: | 2023-07-12 | by ( The Editorial Board | ) 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/lina-khan-activision-blizzard-microsoft-judge-jacqueline-scott-corley-federal-trade-commission-antitrust-law-52cd1a65

Persons: Dow Jones, lina, jacqueline, scott, corley, 52cd1a65 Organizations: activision, microsoft

☆ Watch CNBC’s full interview with Jefferies' Brent Thill and former FTC Commissioner Mozelle Thompson
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Jefferies' Brent Thill and former FTC Commissioner Mozelle ThompsonBrent Thill, Jefferies analyst and Mozelle Thompson, former FTC commissioner, join 'Squawk on the Street' to discus Microsoft-Activision deal as the latter company sees shares soar.

Persons: Jefferies, Brent Thill, Mozelle Thompson Brent Thill, Mozelle Thompson Organizations: Jefferies, Microsoft, Activision

☆ FTC court ruling shows why vertical deals are hard to challenge: fmr. DOJ official Jamillia Ferris
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC court ruling shows why vertical deals are hard to challenge: fmr. DOJ official Jamillia FerrisJamillia Ferris, former DOJ & FCC antitrust official and partner at Freshfields' antitrust, competition and trade group, joins 'Squawk Box' to discuss the state of the Microsoft-Activision deal, after a federal judge rejected the FTC's bid to block the $69 billion merger.

Persons: fmr, Ferris Organizations: FTC, DOJ, FCC, Microsoft, Activision

Why the CMA blocked the Microsoft-Activision dealThe U.K. CMA efficiently blocked the acquisition in April, saying the deal raises competition concerns in the nascent cloud gaming market. Like other regulators, the CMA is concerned that Microsoft could take Activision games and make them exclusive to its own platforms. Cloud gaming is a technology that enables gamers to access games via remote servers — effectively streaming a game like you would a movie on Netflix. The CMA, Microsoft and Activision now look set to hash out a possible resolution to the regulator's concerns to get a deal over the line. watch nowMicrosoft has already offered concessions to the U.K. regulator which were rejected.

Persons: Redmond, Michael Ciaglo, Alex Haffner, Fladgate, It's, it's, Haffner, Microsoft Organizations: Activision, Markets, Federal, Microsoft, Activision Blizzard, CMA, Netflix, Warfare, Bloomberg, Getty, CNBC, FTC, Nintendo, European Union Locations: Denver , Colorado

☆ FTC to appeal Microsoft's deal to buy Activision Blizzard in merger agreement
▼ + stars: | 2023-07-12 | by ( Brian Fung | ) edition.cnn.com time to read: +1 min

CNN —The Federal Trade Commission said Wednesday it would appeal a decision from earlier this week by a district court judge allowing Microsoft to close its $69 billion Activision Blizzard merger. The FTC had asked for a preliminary injunction while a separate legal challenge to the merger unfolds in the agency’s in-house administrative court. Tuesday’s decision paved the way for Microsoft to potentially finalize the deal with Activision in a matter of days, ahead of a July 18 contractual deadline. Alternatively, the companies could mutually seek to extend that timeframe. Consummating the deal would turn Microsoft into the third largest video game publisher in the world, after Tencent and Sony.

Persons: Jacqueline Scott Corley, Corley, “ Organizations: CNN, Federal Trade Commission, Microsoft, Activision Blizzard, FTC, Activision, Tencent, Sony, Sony PlayStation

☆ EU claims win in Illumina battle, may yet lose war
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

The $30 billion genetic test maker faces a record European Union fine of 432 million euros ($476 million) for closing the $8 billion deal in 2021, ahead of regulatory approval. Absent the fact that it would have breached its own 10% of revenues cap for fines, the EU would have charged Illumina 570 million euros, according to an EU official. Even so, while the transatlantic merger saga has already seen the departure of Illumina’s chief executive and chairman, Brussels may yet win the battle and lose the war. Separately, Illumina has launched proceedings over whether the EU has the jurisdiction to opine – if it wins, then its new fine could get overturned. With U.S. courts ruling in favour of Microsoft (MSFT.O) over its Activision Blizzard (ATVI.O) deal, the Illumina saga may yet have further twists.

Persons: shouldn’t, Illumina, Rebecca Christie, George Hay, Oliver Taslic Organizations: Reuters, European, EU, U.S, Microsoft, Activision, Twitter, Thomson Locations: BRUSSELS, Brussels, China

☆ UK's CMA open to new Microsoft-Activision probe after u-turn
▼ + stars: | 2023-07-12 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

"It is really an unprecedented and dramatic turn of events," said Alex Haffner, competition partner at UK law firm Fladgate. Becket McGrath, a partner at Euclid Law, said it seemed like the CMA wanted a way out of an "uncomfortable position". Still, with the larger $69 billion deal back on track, the two sides are now focused on modifying the deal to obtain regulatory approval. Jonathan Compton, partner at law firm DMH Stallard and a specialist in competition law, said it was difficult to see what structural alterations the company could make. Britain's competition regulator has not given any further clarification on its U-turn or the new investigation, including whether it would fit into its Phase 1 and 2 process, the latter of which can take up to a year.

Persons: Alex Haffner, Becket McGrath, Jonathan Compton, DMH, Euclid's McGrath, Sarah Cardell, Paul Sandle, Muvija, Martin Coulter, Amy, Jo Crowley, Kate Holton Organizations: Microsoft, Activision, Markets Authority, CMA, European Union, Euclid Law, Thomson Locations: United States, Devika

☆ FTC says it will appeal to block Microsoft-Activision deal
▼ + stars: | 2023-07-12 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

On Wednesday, the agency filed to appeal a federal judge's decision to deny a request for a preliminary injunction that would have prevented the deal from closing. CNBC reported earlier on Wednesday that FTC could bring the judge's decision to the 9th Circuit appeals court. The FTC declined to comment on its legal response to the judge's decision. We're confident the U.S. will remain among the 39 countries where the merger can close," an Activision Blizzard spokesperson wrote in an email. WATCH: Activision CEO Bobby Kotick: Would be surprised if the FTC wastes taxpayer money on appeal

Persons: Jacqueline Scott Corley, Corley, Bobby Kotick, CNBC's Julia Boorstin, I'd, Kotick, Brad Smith, haven't, We're Organizations: Federal Trade Commission, Microsoft, Activision, U.S, Northern, Northern District of, FTC, CNBC, Wednesday Activision, Activision Blizzard, Markets Authority Locations: Northern District, Northern District of California, United Kingdom, U.S

☆ Morning Bid: Dollar swoons in upbeat inflation vigil
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets leaned positively into another critical U.S. inflation report later on Wednesday, seeding a dollar (.DXY) slide to two-month lows that's revved-up yen and sterling gains. And June's CPI readout should be a marker if the consensus forecast for almost a full percentage-point drop in the headline inflation rate to two year lows of just 3.1% is borne out. Still, encouraged by a screed of other positive disinflation signals this week, U.S. markets are relatively buoyant going into the release and still feel the end of the Fed rate rise campaign is nigh. UK bank stocks pushed higher on the rates view and a relatively clean bill of health from Wednesday's financial stability report from the BOE. The Reserve Bank of New Zealand paused its long-running rate rise campaign early on Tuesday.

Persons: Mike Dolan, BOE, Thomas Barkin, Raphael Bostic, Neel Kashkari, Loretta Mester, Joe Biden, Nick Macfie Organizations: Federal Reserve, Fed, yearend, Treasury, Bank of Japan, Bank of, recoiling, Reserve Bank of New Zealand, Bank of Canada, Japan's Nikkei, Microsoft, Activision, Richmond Federal, Atlanta Fed, Minneapolis Fed, Cleveland Fed, NATO, . Treasury, Reuters, Reuters Graphics, Thomson Locations: U.S, Asia, Shanghai, Hong Kong, British, Vilnius

☆ Microsoft-Activision win will be huge tailwind for tech, says Jefferies' Brent Thill
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicrosoft-Activision win will be huge tailwind for tech, says Jefferies' Brent ThillBrent Thill, Jefferies analyst, joins 'Squawk on the Street' to discus Microsoft-Activision deal as the latter company sees shares soar.

Persons: Jefferies, Brent Thill Brent Thill Organizations: Microsoft, Activision, Jefferies

☆ Morning Bid: Stocks rise, dollar slips as all eyes on US inflation
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

Economists polled by Reuters expect the consumer price index to have risen by 3.1% in June, after May's 4% rise. The core rate is expected to have dropped for a third straight month to 5% from 5.3%. ING economists think the core rate would need to come in well below the forecast for a July rate hike to look doubtful. Markets are pricing in a 92.4% chance of a 25 bps hike in July, CME FedWatch tool showed. Elsewhere, the spotlight will also be on the Bank of Canada's policy decision, with the central bank likely heading toward a second consecutive quarter-point interest rate hike.

Persons: Ankur Banerjee, it's, Muralikumar Organizations: Ankur, Federal, Reuters, ING, Microsoft, Activision, Sony, Bank of, Reuters Graphics Reuters, Thomson Locations: Asia, Pacific, Japan, U.S, British, Spain, Portugal, Singapore

☆ Sony to boost gaming unit with $2.17 bln R&D war chest for 2024 - Nikkei
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Sony Group (6758.T) will infuse 300 billion yen ($2.17 billion) to expedite research and development efforts for its gaming segment for 2024, to catch up with its competitor Microsoft (MSFT.O), the Nikkei reported on Thursday. Sony will now aim to focus on live service games that let customers purchase add-ons for titles streamed online, moving away from its sole reliance on sales of its PlayStation game console, Nikkei said. The technology and entertainment conglomerate is expected to spend about 760 billion yen for company-wide R&D for fiscal 2024, the report said. Sony plans to have 12 live service game titles in its portfolio by fiscal 2026, up from just one in fiscal 2021, the Nikkei added. "We will continue to make strategic investments going forward, prioritizing intellectual property," Nikkei quoted Sony Group president Hiroki Totoki.

Persons: Hiroki Totoki, Roushni Nair, Shailesh Organizations: Sony Group, Microsoft, Nikkei, Sony, PlayStation, Gaming, Activision Blizzard, Thomson Locations: Bengaluru

☆ Microsoft-Activision deal not yet game on
▼ + stars: | 2023-07-12 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Britain’s antitrust regulator also indicated it was open to new concessions, but the parties will have to renegotiate their deal and get it approved. Two developments on Tuesday increased the odds of Microsoft getting the deal down the line. That’s a rapid change of tone from May, when the watchdog concluded blocking the Microsoft-Activision deal is the “only effective and proportionate way forward." As a result, Activision’s share price jumped 11% on Tuesday, its narrowest spread to Microsoft’s $95-a-share offer since the deal was announced. The agency's concern was that the deal would potentially preclude the availability of those videogames on other platforms.

Persons: hasn’t, Satya Nadella, it’s, ”, Brad Smith, Bobby Kotick, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Federal Trade Commission, Activision Blizzard, Microsoft, Markets Authority, Activision, FTC, CMA, Financial, Thomson Locations: U.S, San Francisco

☆ Activision CEO Bobby Kotick: Would be surprised if the FTC wastes taxpayer money on appeal
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailActivision CEO Bobby Kotick: Would be surprised if the FTC wastes taxpayer money on appealCNBC's Julia Boorstin joins 'Closing Bell' with Activision Blizzard CEO Bobby Kotick, to discuss the future of the Microsoft deal after a major ruling in the acquisitions favor this week.

Persons: Bobby Kotick, CNBC's Julia Boorstin Organizations: Activision, Microsoft

☆ CNBC Daily Open: Red hot tech
▼ + stars: | 2023-07-12 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange during morning trading on July 06, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Energy stocks led Wall Street gainsU.S. stocks rose for a second session Tuesday, with energy stocks the leading advancers in the S&P 500 as WTI crude rose to its highest level since May 1. [PRO] Goldman's bullish on XpengGoldman Sachs initiated coverage of Xpeng with a buy rating, seeing nearly 30% upside for the Chinese electric-vehicle maker.

Persons: Warren, Temasek's, Lina Khan's, Recep Tayyip Erdoğan, Xpeng Goldman Sachs Organizations: New York Stock Exchange, CNBC, Energy, Wall Street, Traders, Dow Jones Industrial, Buffett, Temasek, Federal Trade, Microsoft, Activision Blizzard, NATO, EU Locations: New York City, Berkshire, U.S, Temasek, India, Southeast Asia, EU, Turkey, Sweden

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