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☆ Microsoft’s Activision Deal Is No Longer Just About Activision
  + stars: | 2023-05-02 | by ( Dan Gallagher | ) www.wsj.com   time to read: +1 min
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.
☆ Buy these cheap, defensive stocks as long as recession fears keep mounting, UBS says
  + stars: | 2023-05-02 | by ( Sarah Min | ) www.cnbc.com   time to read: +2 min
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.
☆ Former SEC Chair Jay Clayton: JPMorgan-First Republic takeover a good deal for the system
  + stars: | 2023-05-01 | 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 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.
☆ Watch CNBC's full interview with former SEC Chair Jay Clayton and former NEC director Gary Cohn
  + stars: | 2023-05-01 | 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 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.
☆ Gary Cohn on JPMorgan Chase takeover of First Republic: I'm shocked it took so long to get here
  + stars: | 2023-05-01 | 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 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.
☆ Explainer: What next for Microsoft's $69 billion Activision deal after UK ban?
  + stars: | 2023-04-28 | by ( Paul Sandle | ) www.reuters.com   time to read: +3 min
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.
☆ There's been 'an aggression' from FTC on large mergers, says fmr. FB general counsel Chris Kelly
  + stars: | 2023-04-28 | 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 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.
☆ Explainer: What next for Microsoft's $69 bln Activision deal after UK ban?
  + stars: | 2023-04-28 | by ( Paul Sandle | ) www.reuters.com   time to read: +3 min
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.
☆ Microsoft signs 10-year deal with Spain's Nware after UK blocks Activision bid
  + stars: | 2023-04-28 | by ( ) www.reuters.com   time to read: +2 min
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.
☆ 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.
☆ Microsoft, Activision Decision Shows Tech Companies Face New Scrutiny From Regulators
  + stars: | 2023-04-27 | by ( Kim Mackrael | Dave Michaels | ) www.wsj.com   time to read: 1 min
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.
☆ What’s Next for Microsoft, Activision After U.K. Rejects Deal
  + stars: | 2023-04-27 | by ( Sarah E. Needleman | ) www.wsj.com   time to read: 1 min
Photo: Jae C. Hong/Associated PressMicrosoft Corp. faces a sudden challenge to its videogaming ambitions after the U.K. rejected the Xbox maker’s proposed $75 billion acquisition of Activision Blizzard Inc., a regulatory blow that antitrust lawyers say will be hard to overcome. Microsoft has been pushing to get approvals for the deal—which would be its biggest ever—for more than a year, in part to help it gain an edge in the nascent market for cloud gaming, the Netflix-like streaming of games, and in its mobile gaming business.
☆ Watch CNBC's full interview with Activision Blizzard CEO Bobby Kotick
  + stars: | 2023-04-27 | 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 Activision Blizzard CEO Bobby KotickActivision Blizzard CEO Bobby Kotick joins 'Squawk Box' to discuss the fallout from the Microsoft-Activision merger ruling, whether he was surprised by the CMA decision, and what the company plans to do next.
☆ The UK blocked Microsoft's Activision deal. Here's what it means for U.S. regulators
  + stars: | 2023-04-27 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +3 min
The U.K. Competition and Markets Authority's decision to block Microsoft's proposed acquisition of "Call of Duty" maker Activision means the U.S. does not need to stand alone in its challenge of the massive $69 billion deal. In the latest hurdle for the deal, the CMA argued the acquisition threatens to hurt competition in the nascent cloud gaming market. But it did not challenge potential competition concerns in console gaming, after saying last month that evidence from industry participants convinced the agency that the transaction wouldn't harm competition in that particular market. The FTC claimed the proposed acquisition would likely reduce competition or create monopolies in markets for gaming subscription services, cloud gaming and high-performance consoles. WATCH: Microsoft-Activision deal collapse a 'discouraging' move for Big Tech, says former FTC commissioner
☆ Activision Blizzard CEO on blocked merger: It was a flawed ruling in every respect
  + stars: | 2023-04-27 | 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 EmailActivision Blizzard CEO on blocked merger: It was a flawed ruling in every respectActivision Blizzard CEO Bobby Kotick joins 'Squawk Box' to discuss the fallout from the Microsoft-Activision merger ruling, whether he was surprised by the CMA decision, and what the company plans to do next.
☆ Here are Thursday's biggest analyst calls: Apple, Meta, Amazon, Ford, Activision Blizzard & more
  + stars: | 2023-04-27 | by ( Michael Bloom | ) www.cnbc.com   time to read: +5 min
Here are Thursday's biggest calls on Wall Street: Bernstein reiterates Apple as market perform Bernstein said it remains "torn" on Apple heading into earnings next week. Morgan Stanley reiterates Meta as overweight Morgan Stanley raised its price target on the AI beneficiary to $300 per share from $250 after the company's earnings report Wednesday. " Morgan Stanley reiterates Ford as overweight Morgan Stanley said it's standing by its overweight rating heading into earnings next week. Citi reiterates Amazon as buy Citi said it's bullish on the e-commerce giant heading into earnings on Thursday after the bell. Morgan Stanley reiterates Nvidia as overweight Morgan Stanley said the stock is one of the firm's top picks heading into earnings in May.
☆ Activision should focus on its 'core IP,' says Jefferies
  + stars: | 2023-04-27 | 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 should focus on its 'core IP,' says JefferiesAtul Goyal of the investment bank discusses the outlook for Activision and Microsoft's $68.7 billion deal to buy the U.S. video game company.
☆ UK watchdog defends Microsoft block in face of onslaught from companies
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +2 min
The Competition and Markets Authority (CMA) blocked the deal on Wednesday, saying it could hit competition in the nascent cloud gaming market. Microsoft's president Brad Smith said the decision "had shaken confidence in the UK tech industry" and was "probably the darkest day in our four decades in Britain". "There's a clear message here - the European Union is a more attractive place to start a business than the United Kingdom," he added. "That's important for UK consumers and UK business and it's those UK consumers and UK businesses that the CMA is here to protect," she told BBC radio. She said Britain had not acted alone, noting that the U.S. Federal Trade Commission was also suing to block the deal.
☆ What Microsoft’s Activision Setback Means for Deal Making
  + stars: | 2023-04-27 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
The risks of doing dealsA British regulator’s decision to reject Microsoft’s $69 billion takeover bid for Activision Blizzard stunned many who had expected the deal to go through. That’s especially because moves this month by the agency, the Competition and Markets Authority, suggested that the transaction might pass muster. Though it narrowed the scope of its Activision deal inquiry to just one issue, cloud gaming, the C.M.A. The tribunal that will weigh Microsoft’s appeal will examine mainly whether the regulator followed proper procedure. That institutional advantage positions the agency as one of the world’s most influential antitrust enforcers, alongside those in the United States and the European Union.
☆ As Regulators Block Tech Deals, They Increasingly Look to the Future
  + stars: | 2023-04-27 | by ( David Mccabe | Kellen Browning | ) www.nytimes.com   time to read: +1 min
As companies like Google and Facebook grew into giants in the early 21st century, regulators chose largely not to interfere in the still-young market for online services. Now regulators have reversed course: When it comes to tech, they want to see into the future and beat companies to getting there. The decision by the British authorities on Wednesday to block Microsoft’s $69 billion bid for the video game giant Activision Blizzard exemplified the new approach. British officials said a core reason for rejecting the deal was how it could threaten competition in the nascent market for cloud gaming, which lets users stream their favorite video game titles. The U.S. Federal Trade Commission, which last year sued to block Microsoft’s deal for Activision, also raised concerns about competition in cloud gaming, though the agency focused mostly on the impact to the traditional console games business.
☆ FTC chair met UK antitrust officials last week but did not talk deals
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +3 min
Graeme Jennings/Pool via REUTERSWASHINGTON, April 27 (Reuters) - Federal Trade Commission Chair Lina Khan met with the heads of other antitrust enforcers, including Britain's, last week but no mergers were discussed, according to an FTC official who spoke amid allegations the FTC and UK are working together to block Microsoft's bid for Activision. The FTC official, speaking on Thursday, was responding to comments made by the game-maker's CEO, Bobby Kotick, who told CNBC he believed that the U.S. agency had pushed Britain's CMA to stop the planned acquisition. Kotick said: "I was surprised to learn that Lina Khan and the head of the CMA had a meeting a week and a half ago in Washington. The FTC official, who was not authorized to speak on the record but who was present at the virtual meeting, said that officials had no discussions of any mergers being reviewed or other ongoing investigations. When a deal appears blatantly anticompetitive then independent antitrust regulators can simply make their own judgments," said spokesperson Douglas Farrar.
☆ Opinion | The Dark Lesson of the Microsoft-Activision Mess
  + stars: | 2023-04-27 | by ( Jay Clayton | Gary D. Cohn | ) www.nytimes.com   time to read: +2 min
regulators reached out to their European Union counterparts, according to emails that were obtained through a Freedom of Information request. That April, the Europeans asserted jurisdiction using a novel theory, asserting that the combination would stifle innovation in the E.U. claims that conforming to the European financial regulations — rules based on directives of the European Parliament and intended to drive social objectives — is a laudable goal. The Federal Reserve and other financial regulators face virtually constant pressure from members of Congress and international bodies to import similar, sweeping E.U. If these were isolated examples of abdication of regulatory authority to Europe, we might shrug it off.
☆ Morning Bid: Fresh spur from Meta and Europe's banks
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +5 min
Perhaps even more surprising, Europe's big banks are wowing the gallery too - showing limited, if any, fallout from the failure of ailing Credit Suisse at the end of the quarter. And so the glass appears half full again despite background tensions around regional U.S. banks and as wider markets brace for several weeks of a U.S. debt ceiling standoff. With Amazon reporting later, its stock rose another 2% ahead of the bell too. The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. The dollar was marginally weaker, with crude oil prices struggling to recover from their latest lunge lower this week.
☆ This video game stock could struggle after the blocking of Microsoft's Activision Blizzard takeover, BMO says
  + stars: | 2023-04-27 | by ( Brian Evans | ) www.cnbc.com   time to read: +2 min
BMO Capital Markets thinks Electronic Arts could be negatively impacted from the blocking of the Microsoft - Activision Blizzard deal. The firm downgraded EA stock to market perform from outperform Thursday. But BMO says because the UK Competition and Markets Authority's stopped Microsoft's takeover attempt of Activision Blizzard , the failure will be a cautionary tale for company's seeking large deals in the space. EA YTD mountain Shares of Electronic Arts could face more pressure after the fallout of the takeover deal from Microsoft of Activision Blizzard. However, the regulatory body did stipulate that Microsoft could make Activision games exclusive to cloud gaming platform Xbox Game Pass.
☆ Barclays says there's a big buying opportunity in Activision Blizzard after blocked Microsoft deal, sees shares rallying 30%
  + stars: | 2023-04-27 | by ( Brian Evans | ) www.cnbc.com   time to read: +1 min
Activision Blizzard's recent tumult could be a buying opportunity for investors, according to Barclays. Regulators in the UK blocked Microsoft's attempt to purchase the company over competition concerns. ATVI YTD mountain Activision Blizzard could be a buying opportunity for investors despite the fallout of Microsoft deal. Lu said the move to stop the Microsoft deal was somewhat surprising, given that regulators seemingly eased up on concerns over the takeover at the end of March. Activision executives told investors the UK's Competition and Markets Authority was "disproportionate, irrational and inconsistent."
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