With it, Microsoft gained ownership of several franchises under Activision, Blizzard Entertainment, and King, including Call of Duty, Crash Bandicoot, Spyro, Warcraft, StarCraft, Diablo, Overwatch, and Candy Crush.

[7][8] Among its assets are ownership of Call of Duty, Crash Bandicoot, and Spyro from Activision's studios; Warcraft, Diablo, StarCraft, and Overwatch from Blizzard Entertainment; and Candy Crush Saga from King.

[15] Spencer also spoke about reviving some older Activision Blizzard franchises he himself enjoyed, mentioning series such as King's Quest, Guitar Hero and Hexen: Beyond Heretic.

[16] Kotick stated that he, Spencer, and Microsoft's CEO Satya Nadella have had discussions in 2021 on their concern of the power of Tencent, NetEase, Apple, Inc. and Google, and that Activision Blizzard lacked the computation expertise in machine learning and data analytics that would be necessary to compete with these companies.

[18] Spencer further had stated that Microsoft's intent with the acquisition is access to Activision's mobile games, which would include those by its King division such as Candy Crush Saga.

[19] In a statement released on Activision Blizzard's investor website, the company said its industry is the "most dynamic and exciting category of entertainment across all platforms" and that gaming will be the forefront of the development of the emerging metaverse.

[25][26][27] Based on SEC filings related to the merger, Microsoft approached Activision Blizzard again in the days immediately following the November 2021 Wall Street Journal report regarding a buyout.

[23][35][36][17] Microsoft has yet to speak directly about the Activision Blizzard lawsuit following news of the acquisition, however the company announced a week prior that it would be reviewing its own sexual harassment and gender discrimination policies.

They also said they still plan to offer content for multiplayer Bethesda games like Elder Scrolls Online and Fallout 76 for all platforms to avoid undercutting the playerbase.

The FTC stated that Microsoft and Activision Blizzard "have represented in the past that they cannot close their deal due to antitrust reviews of the transaction in other jurisdictions.

[75] During the hearing, the FTC was focused on the effect of Call of Duty in the competitive market, console exclusivity, and the impact of the nascent cloud gaming field.

[76] Judge Corley denied to apply a permanent injunction on July 11, 2023, lifting the temporary restraining order to allow Microsoft to proceed to close the deal, though the case will continue to trial later.

Corley wrote, "For the reasons explained, the Court finds the FTC has not shown a likelihood it will prevail on its claim this particular vertical merger in this specific industry may substantially lessen competition.

The FTC said the move was inconsistent with the assurances Microsoft gave the court prior to acquisition, and considered the new tier a "degraded product" that, along with price increases, harmed consumers.

[84] After receiving a formal notification by Microsoft on September 30, 2022, the European Commission (EC) began its first phase review of the acquisition under the EU merger law.

[87] The Commission announced on November 8, 2022, that it would conduct an additional review of the merger "to ensure that the gaming ecosystem remains vibrant to the benefit of users in a sector that is evolving at a fast pace.

[91] Ahead of the October 2023 closure, the Commission affirmed that the changes made to appease the UK regulators remained sufficient from their side, and no further review of the acquisition was needed.

[93][94] Preliminary findings of phase 2 of the investigation was reported on February 8, 2023, concluding that the acquisition "could result in higher prices, fewer choices, and less innovation for UK gamers", as well as less competition in the console and cloud gaming spaces.

[95] However, following Microsoft's commitments to ensure the release of Call of Duty on multiple platforms for ten years, in association with meeting other regulatory bodies, the CMA changed its stance by late March 2023.

Current prime minister Rishi Sunak aimed to make the UK the tech industry leader in the European region, and the CMA's blockage ran against that position.

[102] Following the decision from Judge Corley to deny the injunction for the FTC, Microsoft, Activision/Blizzard, and the CMA have agreed and asked to the Competition Appeal Tribunal (CAT) to pause their legal battle to negotiate.

[104][39] Later in August 2023, Microsoft announced a 15-year agreement with Ubisoft to license Activision Blizzard titles to its competing Ubisoft+ service contingent on the successful completion of the merger,[105] a move that had been projected to appease the CMA.

[106] The CMA stated that while this appeared to meet their concerns, they will still review the deal through a Phase 1 investigation, which is expected to complete by the extended merger deadline, October 18, 2023.

[108] Due to criticism it received over how it handled the review, the CMA announced in November 2023 that it plans to revamp its procedures to make it more open to change of merger terms, among other facets.

[109] The U.S. Securities and Exchange Commission (SEC) reviewed potential claims that investors close to Kotick engaged in insider trading prior to the acquisition announcement.

[135][136] Concerns on Microsoft's potential ownership of the Call of Duty franchise, which has sold over 400 million units by April 2021 and considered one of the most valuable properties within the video game industry,[137] have been raised by Sony Interactive Entertainment and regulators.

Shortly after the acquisition announcements, Sony had stated that they expect Microsoft to honor all of Activision Blizzard's publishing agreements for multiplatform games, assuring that Call of Duty would remain available on the PlayStation platform and not made a console-exclusive title.

[138][139][140][141] Around September 2022, Xbox head Phil Spencer said Microsoft had written a letter to Sony in January, affirming their commitment to maintain Call of Duty on the PlayStation "several years" beyond the current contractual agreements set before the acquisition, which are said to last until 2024.

"[144] Public documents filed as part of the UK's investigation revealed that Microsoft would be limited by prior contractual agreements between Sony and Activision to provide Call of Duty on Xbox Game Pass for several years.

[149] A number of indie publishers and developers including Curve Games, Finji, Iam8bit, and Strange Scaffold expressed support for the deal according to 2023 court filings.