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June 14 (Reuters) - Microsoft Corp's (MSFT.O) $69 billion acquisition of video game maker Activision Blizzard (ATVI.O) faced another hurdle on Tuesday after a U.S. judge granted a request by the Federal Trade Commission (FTC) to temporarily block the deal. The acquisition has attracted scrutiny from several antitrust enforcers, including Britain's Competition and Markets Authority (CMA), over concerns it would hinder competition in the nascent cloud gaming market. If not for the court order, Microsoft could have closed the deal as early as Friday. Here is a snapshot of key events in the Microsoft-Activision saga:Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
Persons: Tiyashi Datta, Anil D'Silva Organizations: Microsoft, Activision, Federal Trade Commission, Britain's, Markets Authority, Thomson Locations: U.S, Bengaluru
Vodafone and CK Hutchison, which owns the Three UK mobile network, agreed to merge their U.K. businesses, following talks that have been ongoing since last year, the companies said Wednesday. Vodafone will own 51% of the combined business, leaving CK Hutchison the minority stake. "This long-awaited mega merger represents the biggest shake-up in the UK mobile market for over a decade," Kester Mann, director for consumer and connectivity at CCS Insight said in emailed comments. Current Vodafone UK CEO Ahmed Essam will lead the new enterprise, while the present Three UK Chief Financial Officer (CFO) Darren Purkis will assume the CFO position at the merged business. BT acquired EE in 2016, while Telefonica and Liberty Global launched Virgin Media O2 in 2021.
Persons: CK Hutchison, Kester Mann, Ahmed Essam, Darren Purkis, Nick Read, Margherita Della Valle Organizations: Vodafone, CK, CK Hutchison, Insight, BT, Virgin Media O2, EE, O2, Telefonica, Liberty Global, Markets Authority, CMA, Activision Blizzard
Activision Blizzard's new Diablo video game broke $666 million in global sales in the span of five days, the company said Wednesday. Diablo IV, which launched June 6, has become Activision subsidiary Blizzard Entertainment's fastest-selling game ever, the company added. Microsoft dominates the space, and with a possible Activision acquisition, it would be able to make popular franchises beyond Diablo exclusive to Microsoft's cloud platform, the CMA said. Diablo IV isn't available on Game Pass, an Activision executive said in March. The sales record, while record breaking for Blizzard, is not an industry record.
Persons: Diablo Organizations: Activision, Blizzard, Federal Trade Commission, Microsoft, FTC, Authority, CMA, Marquee, Electronic Arts, FIFA, Madden Locations: California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC injunction on Microsoft-Activision merger 'a positive development', says TD Cowen's Aaron GlickAaron Glick, TD Cowen merger arbitrage specialist, joins 'Squawk Box' to discuss the fallout from the FTC's injunction to block Microsoft's proposed acquisition of Activision Blizzard, what's next for the merger, and more.
Persons: Cowen's Aaron Glick Aaron Glick, TD Cowen, what's Organizations: Microsoft, Activision, Activision Blizzard
June 12 (Reuters) - The Federal Trade Commission asked a court to temporarily block Microsoft Corp's (MSFT.O) acquisition of Activision Blizzard (ATVI.O) on Monday, seeking to halt the deal from closing before the government's case against the $69 billion deal is heard. The FTC said Microsoft and Activision had signaled the deal could close as soon as Friday and asked a federal judge to block any final agreement before 11:59 p.m ET June 15. Shares in Microsoft closed up 1.5% Monday, while Activision fell 0.8%. "We welcome the opportunity to present our case in federal court," said Microsoft president Brad Smith in a statement. When announcing the deal in January 2022, Microsoft said they expected it would close in their 2023 fiscal year, which ends in June.
Persons: Brad Smith, Joe Biden, Rami Ayyub, David Shepardson, Doina Chiacu, Nick Zieminski, Conor Humphries, Anna Driver Organizations: Federal Trade Commission, Microsoft, Activision Blizzard, FTC, Activision, Nintendo, Sony Group, EU, Sony, U.S, Thomson Locations: Washington
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Persons: Dow Jones Organizations: microsoft, activision
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/ftc-plans-to-seek-a-restraining-order-to-stop-microsoft-from-closing-activision-deal-305e130b
Persons: Dow Jones Organizations: microsoft, activision
The planned lawsuit would be the latest blow to Microsoft’s acquisition of Activision, which makes popular video games like Call of Duty and Candy Crush. sued to block the deal through an in-house court, arguing it would damage competition in various parts of the video game market. The agency plans to file the separate lawsuit on Wednesday because unlike the F.T.C.’s in-house court, a federal court can issue a restraining order to block a purchase from being completed. In April, the British Competition and Markets Authority also moved to stop the deal, though regulators in the European Union said in May that it could go forward. Governments around the world have been challenging the power of tech giants like Microsoft.
Persons: Meta Organizations: Federal Trade Commission, Microsoft, Activision Blizzard, Activision, behemoth, British Competition, Markets Authority, European Union, Amazon, of Justice, Google
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
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCIC Wealth's Malcolm Ethridge anticipates a pullback in mega-cap techMalcolm Ethridge, CIC Wealth executive vice president, joins 'Closing Bell' to discuss the FTC's push to block Activision's acquisition of Microsoft.
Persons: Malcolm Ethridge Organizations: Microsoft
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
Adobe's Dana Rao told employees to be careful when discussing the proposed Figma acquisition. Adobe's top lawyer told employees in an internal email to be extra careful when talking about the company's $20 billion proposed Figma acquisition, as antitrust scrutiny of the deal intensifies. In the his Adobe email, Rao said it's normal for a deal of Figma's size to go through lengthy regulatory reviews. During a March earnings call with analysts, Adobe's CEO Shantanu Narayen shared a similar end-of-year closing date for the Figma deal. In his email this month, Rao added 3 reasons why the company thinks Figma would be a good acquisition for Adobe.
Persons: Adobe's Dana Rao, Dana Rao, Department's, Rao, Shantanu Narayen, Narayen, Adobe's, Andrew Savage, Savage, Slack, Figma, Dana, Eugene Kim Organizations: Adobe, DOJ, European, SEC, CNBC, Federal Trade Commission, Activision Blizzard, Adobe Express, Department of Justice, Markets Authority, General, Competition Locations: ideation, Europe
London crypto move is a sign of desperate times
  + stars: | 2023-06-12 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK/LONDON, June 12 (Reuters Breakingviews) - UK Prime Minister Rishi Sunak is eager to bring some Silicon Valley glitz to London. Now venture capital investor Andreessen Horowitz is setting up its first non-US office in the British capital, to focus on blockchain and cryptocurrencies. The then-finance minister in 2021 declared as “fantastic” the decision by Deliveroo (ROO.L) to list its shares in London. Despite Sunak’s call for the UK to “embrace new innovations” like the blockchain, Britain’s appetite for crypto remains uncertain. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Rishi Sunak, Andreessen Horowitz, Binance, Sunak, Deliveroo, “ gosh, Bobby Kotick, Anita Ramaswamy, Karen Kwok, Stellantis, Peter Thal Larsen, Streisand Neto Organizations: Reuters, U.S . Securities, Exchange Commission, Coinbase, Stanford University, Chips, Activision Blizzard, Twitter, Brookfield, Thomson Locations: London, U.S, Teck, China
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
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
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
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
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
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
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
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
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