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☆ UK regulator aims for decision on Microsoft-Activision deal by Aug. 29
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 31 (Reuters) - Britain's antitrust regulator on Monday opened up its inquiry into Microsoft's Activision Blizzard deal for comments as it aims for a final decision by Aug. 29 on a $69 billion takeover it had previously blocked in April. The Competition and Markets Authority (CMA) also on Monday published Microsoft's arguments explaining why the deal should be re-evaluated, as the U.S. software giant battles to win UK approval to buy "Call of Duty" maker Activision. A court involved in the case had already published Microsoft's argument that the binding commitments accepted by the European Union shortly after Britain had blocked the deal had now changed the situation. Any persons wishing to comment on the new version of Microsoft's takeover should do so by Aug. 4, the CMA said in its statement. It is aiming to make a final decision on the deal by Aug. 29, the CMA said.

Persons: Sarah Young, Sam Tobin, Kate Holton Organizations: Activision, Markets Authority, European Union, CMA, Microsoft, Sony, NVIDIA, Boosteroid, Thomson Locations: U.S, European, Britain

☆ Cramer's Lightning Round: Zimmer Biomet is a buy
▼ + stars: | 2023-07-25 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Zimmer Biomet's year-to-date stock performance. Zimmer Biomet : "Turn on the jets, I say buy, buy, buy ZBH." Stock Chart Icon Stock chart icon Vital Energy's year-to-date stock performance. Stock Chart Icon Stock chart icon HighPeak Energy's year-to-date stock performance. Stock Chart Icon Stock chart icon Activision Blizzard's year-to-date stock performance.

Persons: Zimmer, Zimmer Biomet, Vital, HighPeak Organizations: Vital Energy, HighPeak, Energy, Activision

☆ JPMorgan, Snap, and other employers are giving $1,700 Snoos to employees with newborns as part their parental benefits packages
▼ + stars: | 2023-07-25 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Dozens of companies are offering their employees Snoos for free or at reduced costs. The cribs, which cost $1,700, are available for free at companies like JPMorgan and Snap. Some new parents of corporate America are receiving more than just paid parental leave and lactation rooms from their employers. Companies like JPMorgan Chase, Snap, Hulu, and Activision Blizzard are among those offering the devices to employees, according to Happiest Baby. The Snoo benefit is one of many new parental benefits that companies are beginning to offer their employees with babies amid a childcare crisis.

Persons: JPMorgan Chase, Milt Ezzard, Ezzard, WorkLife Organizations: JPMorgan, Companies, Activision Blizzard, Employers, JPMorgan Chase, Hulu, Paypal, Snoos, Street Journal, Financial Times

☆ Microsoft set to report earnings after the close
▼ + stars: | 2023-07-25 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft will report results for its fiscal fourth quarter after market close on Tuesday. Based on analysts' projections, Microsoft will close fiscal 2023 with revenue growth below 10% for the first time since 2017. Microsoft doesn't report Azure revenue in dollars. During the quarter, Microsoft built on its broad alliance with OpenAI to capitalize on fresh interest in artificial intelligence, following the November launch of the startup's ChatGPT chatbot. Activision shares have climbed past $92.50, close to the $95 that Microsoft agreed to pay, reflecting optimism that the deal is on track to close.

Persons: Satya Nadella, OpenAI, they'll, Bing, Griffin Organizations: White, Microsoft, CNBC, StreetAccount, Amazon Web Services, Google, Activision Blizzard, Federal, Activision, Data, LinkedIn Locations: Washington, Refinitiv, ChatGPT

☆ Lightning Round: I am a believer in Highpeak Energy, says Jim Cramer
▼ + stars: | 2023-07-25 | by ( Jim Cramer | ) 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 EmailLightning Round: I am a believer in Highpeak Energy, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Zimmer Biometric Holdings, Vital Energy, Highpeak Energy and Activision.

Persons: Jim Cramer Organizations: Energy, Zimmer, Holdings, Vital Energy, Highpeak Energy, Activision

☆ Premarket stocks: The stock market is dominated by just a handful of companies. The Biden administration is worried
▼ + stars: | 2023-07-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

What’s happening: Two years ago, Lina Khan, 34, became the youngest and perhaps most progressive leader of the FTC’s 100-plus year history. Khan, meanwhile, was unable to successfully block Microsoft from closing its $69 billion purchase of videogame publisher Activision Blizzard last week. The rise of gig workers is changing the face of the US economyFrom CNN’s Samantha DelouyaLazarus Limo usually starts his day at 10 a.m. But workplace experts say the number of gig workers is growing, and and their impact is being felt throughout the economy. But whether the success of both films will translate into a sustained revival of the movie industry remains to be seen.

Persons: New York CNN —, Biden, Lina Khan, haven’t, Khan, Kevin Kiley, Joe Biden, —, Brian Fung, ” Khan, “, ” What’s, She’s, Samantha Delouya Lazarus, ”, that’s, Louis Hyman, ” Read, “ Barbie ”, “ Oppenheimer, Anna Cooban, “ Barbie, Barbie ”, ” Daniel Loria, Disney’s “ Indiana Jones Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Nvidia, of America, Big Tech, Federal Trade Commission, FTC, White, Activision Blizzard, Republican, Economic, of New, Yale Law, Amazon, Bloomberg, Tech, Meta, Uber, CNN, DoorDash, of Labor Statistics, Cornell University, “ Society, Insiders, Warner Bros, Universal Studios, Warner Bros ., AMC, Hollywood Locations: New York, California, of New York, Hill , North Carolina, “, United States, Instacart, Disney’s

☆ Why we're raising our price target on Microsoft despite a softer revenue outlook
▼ + stars: | 2023-07-25 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

Revenues beat across the board, Azure's revenue growth decelerated in line with expectations, and companywide operating margins expanded nicely from last year. But total revenues fell a little less than expected, at 4%, mostly due to a 12% decline in Windows OEM revenue and a 18% drop in devices revenue growth. Gaming revenue grew 2%, with Xbox content and services revenue up 6%, offset by a 13% decline in Xbox hardware. In the productivity and business processes segment, revenue increased about 10% from last year thanks to a 15% increase in Office 365 Commercial Revenue growth. Microsoft sees Azure revenue growing 25% to 26% in constant currency, including roughly 2 points from all Azure AI services.

Persons: Amy Hood, Jim Cramer's, Jim Cramer, Jim, Satya Nadella, Flipkart, Nadella, Amit Madheshiya Organizations: Microsoft, Revenue, Refinitiv, Revenues, Services, Activision Blizzard, Office Consumer Products, Nvidia, CNBC, Microsoft Corp, Bloomberg, Getty Locations: Mumbai, India

☆ Here's what the bears are missing, and why there's still money to be made in this bull market
▼ + stars: | 2023-07-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

We know there are so many reasons why this bull market has eluded so many. It's sudden broadening into health care, transports and financials just when we were told the bull was slain by its lack of breadth. I hope readers here know that I felt that only by tuning out the Fed could you make maximum money in the market. You simply had to ignore the verbiage, block out the gasbags who simply failed to see the two-staged bull market right in front of them. Needless to say, if you needed any evidence that we are in a bull market, the rally in that dog may be enough to make the prosecution rest.

Persons: Jerome Powell's, Powell, It's, Joe Biden's, Powell's, that's, Larry Fink, DR Horton, Powell didn't, IPOs, David Solomon's, Goldman Sachs, Barbie, Oppenheimer, Steve Squeri, Squeri, Jeff Marks, Jeff, Johnson, Elliott Management's, Lauder, Jackson, Jim Cramer's, Jim Cramer, Jim, Victor J Organizations: Federal, Dow, Taiwan Semiconductor Manufacturing Company, AS, Blackrock, DR, Western Alliance, FTC, Federal Trade Commission, Justice Department, Club, Microsoft, Activision, American Express, DuPont, Constellation Brands, Disney, Fed, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: Washington, IPOs, Cava, Wyoming

☆ Microsoft-Activision deal back in hands of UK regulator after court pauses appeal
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters) - Microsoft's Activision Blizzard deal is back in the hands of Britain's antitrust regulator after an appeals court granted an adjournment, and the grounds for why the UK should reconsider its block on the U.S. software giant's takeover were published. The Competition and Markets Authority (CMA) set out on Friday Microsoft's arguments for the reconsideration, as the U.S. battles to win UK approval to buy "Call of Duty" maker Activision. Explaining why the deal should now be given the green light, Microsoft argued that the binding commitments accepted by the European Union shortly after Britain had blocked the deal changed matters, court documents published showed. The CMA said it understood that Microsoft considered the recent licensing deal it agreed with Sony constituted a further material change of circumstance or special reason. Britain's Competition Appeal Tribunal provisionally approved the adjournment on Monday subject to further submissions from the parties.

Persons: Candy, Sarah Young, Paul Sandle, Sam Tobin, Alistair Smout, Louise Heavens Organizations: Microsoft's Activision, Markets Authority, Activision, CMA, Microsoft, European Union, NVIDIA, Boosteroid, Sony, Thomson Locations: U.S, European, Britain

☆ FTC Pauses Effort to Block Microsoft-Activision Deal
▼ + stars: | 2023-07-21 | by ( Will Feuer | ) 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/ftc-withdraws-case-against-microsoft-activision-deal-3b5abd9a

Persons: Dow Jones Organizations: microsoft, activision

☆ FTC Withdraws Case Against Microsoft-Activision Deal
▼ + stars: | 2023-07-21 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Persons: Dow Jones Organizations: microsoft, activision

☆ Washington is fueling a 'war on business' as it cracks down on mergers and acquisitions, former Treasury Secretary Larry Summers says
▼ + stars: | 2023-07-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The US government is waging a "war on business" with its new rules on mergers and acquisitions, Larry Summers said. The 13 new guidelines are a "substantial risk" and problematic, the former Treasury Secretary said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The Justice Department and Federal Trade Commission unveiled 13 fresh guidelines on mergers and acquisitions in a bid to block cases of monopoly power and promote competitive markets. "Right now, where I think where you're moving away from low consumer prices as a standard, you're mostly moving into problematic territory," Summers said.

Persons: Larry Summers, Biden, Summers, Jonathan Kanter, There's Organizations: The Justice Department, FTC, Service, Bloomberg, Justice Department, Federal Trade Commission, Antitrust, Activision Blizzard Locations: Wall, Silicon, Harvard

☆ Big Business Gets Bigger
▼ + stars: | 2023-07-21 | by ( German Lopez | More About German Lopez | ) www.nytimes.com time to read: +1 min

Courts push backThe Biden administration released guidelines this week that seek to toughen antitrust law, which restricts anticompetitive practices. Under Khan, the F.T.C. has also pushed courts to effectively lower the burden of proof required to show that a merger is anticompetitive. “But it often seems that courts will not let plaintiffs win an antitrust case based on circumstantial evidence.”The F.T.C. The last major shift in antitrust law, in the 1970s, came after decades of work by conservatives to push the law and courts in their direction.

Persons: Biden, Khan, ”, Douglas Melamed, ’ Organizations: Stanford Law School, Microsoft, Activision Locations: Europe

☆ FTC to pause Microsoft-Activision merger trial, Bloomberg reports
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - The US Federal Trade Commission is poised to pause its in-house trial against Microsoft Corp's (MSFT.O) $69 billion acquisition of Activision Blizzard (ATVI.O) opening the door to potential settlement talks, Bloomberg News reported on Thursday. Microsoft and FTC did not immediately respond to Reuters requests for comment. Reporting by Mrinmay Dey in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Mrinmay Dey, Shailesh Organizations: US Federal Trade Commission, Microsoft, Activision Blizzard, Bloomberg, FTC, Thomson Locations: Bengaluru

☆ UK antitrust regulator: We await new Microsoft proposal on Activision deal
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 20 (Reuters) - Britain's antitrust regulator is waiting for Microsoft to submit a modified deal structure to buy "Call of Duty" maker Activision Blizzard, its boss Sarah Cardell said on Thursday. "We understand from Microsoft that they would like to put forward proposals to us to restructure the deal, potentially re-notifying that deal, to address our competition concerns," she told Sky News. The Competition and Markets Authority (CMA) blocked the $69 billion deal in April over concerns about its impact on competition in the cloud gaming market. Cardell said any new proposal put forward by Microsoft would "need to fully and comprehensively resolve our concerns". Reporting by Paul Sandle; editing by Sarah Young and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Cardell, Cardell, Paul Sandle, Sarah Young, Kate Holton Organizations: Microsoft, Activision Blizzard, Sky News, Markets Authority, U.S, FTC, CMA, Thomson

☆ US FTC official withdraws case against Microsoft-Activision deal before internal agency judge
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, July 20 (Reuters) - The U.S. Federal Trade Commission official on Thursday withdrew the agency's case before an in-house judge that sought to block Microsoft's (MSFT.O) $69 billion acquisition of game-maker Activision (ATVI.O). The agency has been pursuing a two-pronged attack against the proposed transaction. One was in district court, which refused last week to slap a preliminary injunction on the proposed transaction. The second was before an FTC administrative law judge, where the deal was set to go to trial on Aug. 2. It was this attack that the agency put on hold on Thursday, in an order made by FTC Secretary April Tabor.

Persons: Tabor, Diane Bartz, Stephen Coates Organizations: U.S . Federal Trade Commission, Thursday, Activision, Microsoft, Thomson

The U.S. Justice Department and Federal Trade Commission (FTC) have mounted an unprecedented number of legal challenges to mergers since Biden came to office in 2021. The Justice Department lost a merger in the insurance industry but won an effort to stop a book publisher merger. Deal advisers said companies had already braced for a tough antitrust regime under Biden and some had been emboldened by the regulators' recent court losses. "The (regulators' guidelines) do provide more transparency but that transparency also reveals some concerns that they are quite hostile to consolidation. The new antitrust guidelines also reflect the White House's focus on labor issues.

Persons: Gonzalo Fuentes, Joe Biden's, Biden, Department's, Kenneth Schwartz, Flom, Fiona Schaeffer, Milbank, Elizabeth Warren, Warren, Diane Bartz, Richard Chang, Chizu Nomiyama, Daniel Wallis Organizations: Viva Technology, Porte de, REUTERS, U.S . Justice Department, Federal Trade Commission, Microsoft, Activision Blizzard Inc, FTC, Meta, Justice Department, JetBlue Airways, Spirit Airlines Inc, Amazon.com, Amazon, Flom LLP, Global, LSEG, Intelligence, Democrat, Congress, Thomson Locations: Porte, Paris, France, WASHINGTON, Skadden, Slate

☆ Microsoft and Activision Blizzard Extend $75 Billion Merger Deadline
▼ + stars: | 2023-07-19 | 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/microsoft-and-activision-blizzard-extend-75-billion-merger-deadline-6d0556b

Persons: Dow Jones Organizations: microsoft, activision

☆ Microsoft and Activision Blizzard Still Committed to $75 Billion Merger
▼ + stars: | 2023-07-19 | 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/microsoft-and-activision-blizzard-still-committed-to-75-billion-merger-sources-say-6362ca13

Persons: Dow Jones Organizations: microsoft, activision

☆ Activision, Microsoft extend deal deadline to secure UK approval
▼ + stars: | 2023-07-19 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Activision Blizzard (ATVI.O) and Microsoft (MSFT.O) on Wednesday extended the deadline for the close of their $69 billion deal by three months to Oct. 18 as the American companies work to secure UK approval for the biggest gaming deal in history. The extension will "provide ample time to work through the final regulatory issues," Microsoft President Brad Smith said in a tweet. Strength in those titles helped Activision beat market estimates for second-quarter net bookings and adjusted profit in the second quarter, it announced on Wednesday. The deadline extension came after the companies had to contend with varying concerns from regulators in the UK and the United States. Microsoft responded to these concerns by offering 10-year licensing deals to rivals after the deal closes.

Persons: Brad Smith, Bobby Kotick, Chavi Mehta, Yuvraj Malik, Devika Organizations: Activision, Microsoft, Reuters, HK, Sony, Diablo, FTC, Nintendo, PlayStation, CMA, Sony Group, Xbox, Thomson Locations: United States, Bengaluru

☆ FTC's Lina Khan on Microsoft-Activision loss: We fully believe in our system of judicial review
▼ + stars: | 2023-07-19 | 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's Lina Khan on Microsoft-Activision loss: We fully believe in our system of judicial reviewLina Khan, FTC Chair, joins 'Squawk on the Street' to discuss the latest announcement of guidelines, how judges will consider the FTC's guidelines, and what gives Khan confidence the commission's latest guidelines won't become outdated.

Persons: FTC's Lina Khan, Lina Khan Organizations: Microsoft, Activision

☆ Microsoft and Activision Delay Deal to Settle British Regulatory Issues
▼ + stars: | 2023-07-19 | by ( Karen Weise | More About Karen Weise | ) www.nytimes.com time to read: 1 min

Microsoft and Activision Blizzard said on Wednesday that they were delaying a $69 billion merger as the two companies scrambled to get final approval from British antitrust regulators. The new extension, set for Oct. 18, signals that the two companies believe they will complete the deal but need more time to satisfy regulators’ concerns. When Microsoft announced its plans to acquire the video game publisher Activision in early 2022, the two companies set a deadline of July 18 this year to close the deal. The revised agreement introduced an escalating breakup fee that Microsoft would have to pay to Activision if the purchase fell through, from $3 billion until Aug. 29, then growing to as much as $4.5 billion if it does not close by Sept. 15. “We are confident about our prospects for getting this deal across the finish line,” Brad Smith, Microsoft’s president, wrote on Twitter.

Persons: Activision Blizzard, Brad Smith Organizations: Microsoft, Activision, Twitter

☆ Microsoft and Activision extend their deal deadline
▼ + stars: | 2023-07-19 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN —Microsoft and Activision have mutually agreed to extend their merger deadline by three months in the face of ongoing negotiations with the UK government that could allow the $69 billion acquisition to close, the two companies announced on Wednesday. The announcement highlights the commitment by both companies to complete the deal after back-to-back court defeats for US regulators who had challenged the merger. The new contractual deadline for consummating the deal will be October 18, the companies said. If the deal fails to close by Sept. 15, the breakup fee could increase to $4.5 billion, the filing said. We’re confident in our next steps and that our deal will quickly close.”In a memo to employees, Activision CEO Bobby Kotick thanked staff for their patience.

Persons: ” Brad Smith, We’re, Bobby Kotick, “, ” Kotick, Phil Spencer, ” Spencer Organizations: Washington CNN, Microsoft, Activision, Securities and Exchange Commission, Markets Authority, CMA, Activision Blizzard, ” Locations: U.S, United States

☆ Microsoft, Activision urge U.S. to drop case against deal before internal FTC judge
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

read moreIn Washington, the FTC has been pursuing a two-pronged attack against the proposed transaction. One was in district court, which refused last week to slap a preliminary injunction on the proposed transaction. An appeals court also turned down a request for the deal to be paused. The second is before an FTC administrative law judge, where a trial is to begin on Aug. 2. Reporting by Diane Bartz and Jasper Ward; Editing by Tim Ahmann and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Diane Bartz, Jasper Ward, Tim Ahmann, Stephen Coates Organizations: Microsoft, Activision, U.S . Federal Trade Commission, FTC, Thomson Locations: Washington

☆ Microsoft and Activision agree to extend $69 billion deal deadline in wait for UK approval
▼ + stars: | 2023-07-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Microsoft and Activision Blizzard on Wednesday agreed to extend the deadline for their merger agreement until Oct. 18, Activision said in a statement Wednesday. If Microsoft had not extended the deal deadline, the company could have been on the hook for a $3 billion breakup fee to Activision Blizzard. By extending the period for the companies to close their transaction, Microsoft and Activision are giving themselves more time to satisfy regulators' concerns and to get it over the line. By Aug. 29, the breakup fee will be increased to $3.5 billion if the transaction is terminated by the parties, while by Sept. 15, the potential breakup fee will rise to $4.5 billion. The Activision board also agreed a 99 cents per share dividend to sweeten the deal for investors.

Organizations: Microsoft, Activision Blizzard, Activision Locations: U.S

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