Microsoft to acquire Activision Blizzard in $68.7 billion deal

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The all-cash transaction is valued at $68.7 billion, and Microsoft says it will make the company the third-largest gaming company by revenue, after Tencent and Sony.

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Bobby Kotick, the controversial CEO of Activision Blizzard, will continue in his role, according to a press release detailing the announced acquisition. Activision employees had previously staged walkouts and called on Kotick to step down for having allegedly been aware of widespread harassment and discrimination problems at the company for years.

Activision Blizzard also agreed to an $18 million settlement in September in response to a separate lawsuit from the US Equal Employment Opportunity Commission. That suit had accused the company of subjecting female employees to sexual harassment and retaliating against them for complaining about harassment, and alleged it had"discriminated against employees due to their pregnancy."

The agreement is pending regulatory review and Activision Blizzard shareholder approval, with the deal set to close in 2023. The companies will continue to operate independently until the transaction is finalized, after which Activision Blizzard will report to Spencer. Activision Blizzard's stock shot up more than 30% ahead of the market open Tuesday morning; Microsoft shares fell around 1.5%.

Microsoft's plans for cloud gaming will be accelerated by the deal, with the company hoping to push the Xbox community onto phone, tablets, laptops and other devices globally. And popular titles from Activision such as"Candy Crush" will improve Microsoft's position in mobile gaming, too.

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