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FTC v. Microsoft

FTC v. Microsoft Corp. is a United States antitrust lawsuit filed by the Federal Trade Commission (FTC) on December 8, 2022, seeking to block Microsoft Corporation's proposed $68.7 billion acquisition of Activision Blizzard, Inc., announced in January 2022, on the grounds that the merger would violate Section 7 of the Clayton Act by substantially lessening competition in interactive digital entertainment markets, particularly video games and cloud gaming services.^[1]^[2] The FTC alleged that post-merger, Microsoft could leverage Activision's popular franchises, such as Call of Duty, to harm rivals by withholding content from multi-platform distribution or favoring its own Xbox ecosystem and cloud services, thereby entrenching dominance in a concentrated industry.^[1] Microsoft countered that the deal would enhance competition through broader content availability, supported by binding commitments to Sony Interactive Entertainment and Nintendo to ensure continued access to Activision titles, and argued that the FTC's theory relied on speculative future harms without sufficient evidence of anticompetitive effects.^[3]^[4] In federal district court before Judge Jacqueline Scott Corley in the Northern District of California, the FTC's motion for a preliminary injunction was denied on July 10, 2023, after an evidentiary hearing, with the court finding the agency unlikely to prevail on its core claims due to insufficient proof of probable harm to competition and recognition of procompetitive benefits like expanded game preservation and accessibility.^[5]^[3] The Ninth Circuit Court of Appeals affirmed this ruling on May 7, 2025, holding that the district court properly applied precedent requiring the FTC to demonstrate a likelihood of success on the merits rather than mere possibility of harm.^[6]^[7] Following the merger's completion in October 2023—after clearance by the UK's Competition and Markets Authority and other regulators—the FTC dismissed its parallel administrative complaint on May 22, 2025, effectively ending the challenge.^[4]^[8] The case highlighted tensions in merger enforcement under the Biden administration's FTC, led by Chair Lina Khan, which pursued novel theories of vertical integration harms in dynamic tech markets, but faced judicial skepticism over evidentiary thresholds and the empirical basis for predicting foreclosure in an industry characterized by rapid innovation and multi-platform distribution.^[3]^[9] Despite criticisms of the FTC's approach as overreaching without robust data on actual consumer harm, the rulings reinforced traditional antitrust standards emphasizing consumer welfare and structural presumptions over speculative post-merger conduct.^[3]^[10]

Background

Gaming Industry Landscape

The global video game industry generated approximately $175.8 billion in revenue in 2021, encompassing mobile, PC, and console segments, with console and PC gaming particularly relevant to major third-party publishers like Activision Blizzard.^[11] Mobile gaming dominated overall consumer spending at around $90 billion, but console software sales reached tens of billions, driven by blockbuster franchises and multi-platform releases.^[12] The industry featured high barriers to entry for AAA titles due to development costs often exceeding $200 million per game, favoring established publishers with recurring revenue from live-service models like annual sequels and microtransactions.^[13] Console hardware was oligopolistic, controlled by three primary platforms: Sony's PlayStation, Microsoft's Xbox, and Nintendo's Switch, which together captured nearly all dedicated console market share worldwide. In 2021, Sony led in software revenue for consoles, followed by Nintendo and Microsoft, reflecting PlayStation's strong attach rates for third-party titles.^[14] Installed base dynamics showed Sony holding about 50% of the console market by units sold in recent generations, with Microsoft at roughly 20-25% and Nintendo filling the hybrid portable niche.^[15] Cross-play and digital distribution via platforms like Steam and Epic Games Store expanded PC gaming, but consoles remained central for premium, controller-based experiences, where exclusive or timed-exclusive content influenced platform loyalty. Third-party publishers like Activision Blizzard occupied a pivotal position, generating $8.8 billion in 2021 revenue, primarily from franchises such as Call of Duty, which alone accounted for over 40% of its net bookings and dominated the first-person shooter genre across consoles and PC.^[16] Activision held an estimated 8.9% share of the U.S. video game software publishing market, underscoring its influence on multi-platform hits that drove hardware sales and subscription services.^[17] The period from 2020 to 2022 marked accelerated consolidation, with deals totaling billions, including Take-Two's $12.7 billion acquisition of Zynga and Microsoft's $68.7 billion bid for Activision Blizzard, reflecting strategies to secure intellectual property amid rising costs and competition from free-to-play mobile models.^[18] This wave reduced independent developer leverage, concentrating control over key content among a handful of conglomerates like Tencent, Sony, and Electronic Arts, which together derived substantial portions of their gaming revenue from evergreen titles.^[19]

Microsoft's Prior Acquisitions and Gaming Expansion

Microsoft entered the video game market with the launch of the Xbox console on November 15, 2001, marking its initial foray into hardware competition against established players like Sony's PlayStation 2 and Nintendo's GameCube.^[20] To build exclusive content for the platform, Microsoft pursued early studio acquisitions, including Bungie Software on June 19, 2000, whose development of the Halo franchise became a cornerstone of Xbox's success.^[21] Additional early moves encompassed Digital Anvil on December 5, 2000, for space simulation expertise, and Ensemble Studios on May 3, 2001, enhancing real-time strategy capabilities with titles like Age of Empires.^[21] In the mid-2000s, Microsoft continued bolstering its first-party development by acquiring Rare Ltd. for $375 million on September 24, 2002, securing rights to develop Xbox exclusives from the British studio known for Banjo-Kazooie and Conker's Bad Fur Day.^[22] Later, Lionhead Studios joined on April 6, 2006, contributing ambitious projects like Fable, though the studio was shuttered in 2016 amid shifting priorities.^[21] A pivotal expansion occurred in 2014 with the $2.5 billion acquisition of Mojang on September 15, integrating Minecraft—a cross-platform phenomenon with over 100 million monthly active users at the time—into Microsoft's ecosystem to drive engagement across PC, mobile, and console.^[23] From 2018 onward, Microsoft ramped up its acquisition strategy to diversify Xbox Game Studios, announcing the purchases of Playground Games, Undead Labs, Ninja Theory, and Compulsion Games on June 10, 2018, followed by Obsidian Entertainment and inXile Entertainment in November 2018, and Double Fine Productions on June 9, 2019.^[24] ^[25] ^[26] These moves added expertise in open-world racing (Forza Horizon), survival games (State of Decay), narrative action (Hellblade), indie horror (We Happy Few), RPGs (The Outer Worlds), and adventure titles (Psychonauts), respectively, aiming to enrich first-party output without prior significant regulatory hurdles.^[21] The strategy peaked with the September 21, 2020, announcement of acquiring ZeniMax Media for $7.5 billion, incorporating Bethesda Softworks and subsidiaries like Bethesda Game Studios, id Software, and Arkane, thereby gaining marquee intellectual properties such as The Elder Scrolls, Fallout, and DOOM.^[27] Parallel to these acquisitions, Microsoft expanded beyond traditional console sales into subscription and cloud services to broaden its gaming footprint. Xbox Game Pass launched on June 1, 2017, offering access to over 100 titles for $9.99 monthly, with subsequent iterations adding day-one releases for first-party games to incentivize subscriptions.^[28] By early 2021, the service had grown to approximately 18 million subscribers, reflecting Microsoft's shift toward a platform model emphasizing recurring revenue over one-time hardware or software sales.^[21] Complementary efforts included Xbox Cloud Gaming (xCloud) previews in 2019, enabling streaming to mobile devices, further positioning Microsoft to compete in multi-device ecosystems.^[21] This cumulative buildup transformed Xbox from a hardware challenger into a vertically integrated gaming entity with substantial control over content creation and distribution.

Activision Blizzard's Operations and Market Position

Activision Blizzard operated as a multinational video game holding company with three primary business segments: Activision, Blizzard Entertainment, and King Digital Entertainment.^[29] The Activision segment focused on developing and publishing first-person shooter and action games, primarily through the Call of Duty franchise, managed by studios such as Infinity Ward, Treyarch, and Raven Software.^[30] Blizzard Entertainment specialized in massively multiplayer online role-playing games (World of Warcraft), action role-playing games (Diablo series), and team-based shooters (Overwatch), alongside digital card games like Hearthstone.^[31] King Digital Entertainment concentrated on free-to-play mobile games, led by the Candy Crush franchise, which generated substantial in-app purchase revenue.^[29] The company distributed its products across consoles, personal computers, and mobile devices, supplemented by esports operations including the Call of Duty League and Overwatch League.^[32] In fiscal year 2022, Activision Blizzard reported consolidated net revenues of approximately $7.53 billion, with the Activision segment contributing around $2.9 billion, King showing growth from prior years, and Blizzard facing declines due to deferred revenue recognition and release cycles.^[33]^[34] Operating income for the year totaled $1.67 billion, reflecting the company's reliance on recurring revenue from live services, microtransactions, and annual franchise releases like Call of Duty: Modern Warfare II, which drove significant quarterly bookings.^[35] Activision Blizzard held a prominent position in the global gaming industry, with a market capitalization of $59.91 billion as of January 2023, making it one of the largest independent publishers prior to its acquisition.^[36] Its franchises dominated key genres: Call of Duty as a leading console and PC shooter series, World of Warcraft maintaining a core subscription-based audience in MMORPGs, and Candy Crush capturing substantial mobile casual gaming engagement.^[31] Amid a 2022 global games market valued at $184.4 billion, the company's revenue represented roughly 4% of the total, underscoring its influence in premium console titles and mobile free-to-play models, though it trailed diversified giants like Tencent and Sony in overall scale.^[37]^[36]

The Acquisition Proposal

Announcement and Deal Structure

On January 18, 2022, Microsoft Corporation announced its intent to acquire Activision Blizzard, Inc., a leading video game publisher known for franchises such as Call of Duty, World of Warcraft, and Candy Crush.^[38] The transaction aimed to expand Microsoft's gaming portfolio, positioning it as the third-largest gaming company by revenue behind Tencent and Sony.^[38]^[39] The deal was structured as an all-cash transaction valued at $68.7 billion, inclusive of Activision Blizzard's net debt, with Microsoft offering $95.00 per share for each outstanding share of Activision Blizzard common stock.^[38]^[40] Under the merger agreement, a wholly owned subsidiary of Microsoft would merge with Activision Blizzard, with Activision Blizzard surviving the merger as a wholly owned subsidiary of Microsoft while maintaining its brand and operations.^[40] The acquisition was financed through Microsoft's cash reserves, estimated at over $130 billion at the time, without requiring debt issuance or equity dilution.^[41] The parties anticipated closing the transaction within 18 months, subject to regulatory approvals and shareholder consent, with Activision Blizzard shareholders receiving the cash consideration in exchange for their shares.^[38]^[42]

Strategic Rationale and Commitments

Microsoft announced its intent to acquire Activision Blizzard on January 18, 2022, for $68.7 billion in an all-cash transaction at $95 per share, aiming to accelerate the expansion of its gaming portfolio across mobile, PC, console, and cloud platforms.^[38] The deal was positioned as a means to integrate Activision Blizzard's key franchises—such as Call of Duty, World of Warcraft, and mobile titles like Candy Crush—into Microsoft's ecosystem, particularly to bolster Xbox Game Pass subscriptions and cloud gaming services like Xbox Cloud Gaming.^[38] Microsoft executives, including CEO Satya Nadella and Xbox head Phil Spencer, emphasized that the acquisition would position the company as the third-largest gaming entity by revenue, behind Tencent and Sony, while providing content to drive user engagement and compete in emerging areas like subscription-based and metaverse-adjacent experiences.^[38] The strategic rationale centered on content acquisition to fuel Microsoft's pivot toward a services-oriented gaming model, where Activision Blizzard's annual output of high-profile titles could attract and retain subscribers amid slowing console hardware sales.^[43] By adding Activision's intellectual properties, Microsoft sought to enhance cross-platform accessibility, with a focus on mobile gaming growth—Activision's strength in free-to-play models complementing Microsoft's Azure cloud infrastructure for broader distribution.^[43] This move was framed as pro-competitive, enabling Microsoft to challenge dominant players in console and subscription markets, though critics later argued it risked consolidating control over blockbuster franchises like Call of Duty, which generated over $1 billion in annual microtransaction revenue.^[38] To address regulatory scrutiny over potential foreclosure of rivals, Microsoft proffered voluntary commitments early in the process, including a 10-year agreement with Nintendo announced on January 21, 2022, to bring Call of Duty titles to Nintendo platforms, thereby ensuring continued multi-platform availability.^[44] In July 2022, Microsoft extended similar assurances to Sony via a 10-year contract guaranteeing Call of Duty access on PlayStation, with provisions for parity in release timing, features, and pricing where feasible, aimed at alleviating concerns about Xbox exclusivity.^[44] These platform-specific pledges were supplemented by broader undertakings to the European Commission in May 2023, committing to maintain Activision Blizzard games on subscription and cloud services for 10 years, and a restructured deal with the UK CMA in October 2023, transferring non-Xbox cloud streaming rights for Activision PC and console games to Ubisoft for 15 years in the EU/UK to preserve competition in cloud gaming.^[45]^[46] Such commitments were designed to demonstrate that the acquisition would not harm interoperability or rival access, though the FTC contended they were non-binding and potentially reversible post-approval.^[44]

FTC's Antitrust Challenge

Investigation Initiation

The Federal Trade Commission's antitrust investigation into Microsoft's proposed acquisition of Activision Blizzard commenced shortly after the transaction's public announcement on January 18, 2022.^[3] Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the parties were required to file premerger notifications with the FTC and the Department of Justice, initiating a mandatory initial 30-day waiting period during which the agencies could assess whether the $68.7 billion deal warranted further examination for potential anticompetitive effects.^[47] The FTC took the lead in the review, focusing on whether the merger could substantially lessen competition in relevant markets, including video game publishing, consoles, and emerging cloud gaming services, as prohibited by Section 7 of the Clayton Act.^[1] Early indications of FTC scrutiny emerged by late January 2022, with reports confirming the agency's formal review of the deal's implications for industry competition.^[48] On March 3, 2022, the FTC issued a "second request" for extensive additional information, including detailed documents, data, and internal analyses from Microsoft and Activision Blizzard, which reset and extended the HSR waiting period until 30 days after the parties' substantial compliance.^[49] This step, common in complex mergers but indicative of heightened concerns, required the production of voluminous materials on competitive dynamics, such as the role of franchises like Call of Duty in multi-platform distribution and subscription services.^[50] The second request effectively transformed the initial screening into a protracted investigation, involving interviews with industry participants and economic modeling of post-merger market outcomes.

Core Allegations and Evidence Presented

The Federal Trade Commission's administrative complaint, filed on December 8, 2022, alleged that Microsoft's proposed $68.7 billion acquisition of Activision Blizzard would violate Section 7 of the Clayton Act by substantially lessening competition in the markets for dedicated video game consoles, multiplayer online video game subscription services, and cloud-based video gaming services.^[1]^[3] The FTC contended that the merger would enable Microsoft, already a leading player in these markets through Xbox consoles and services, to leverage Activision Blizzard's blockbuster franchises—particularly the Call of Duty series, which generated over $1 billion in quarterly revenue and attracted more than 100 million active players annually—to foreclose or degrade access for rivals, thereby entrenching Microsoft's dominance.^[1]^[3] In the console market, where Microsoft held approximately 20-30% share behind Sony's PlayStation (60-70%) and ahead of Nintendo's Switch, the FTC argued that post-merger Microsoft would have the incentive and ability to withhold Activision titles from competing platforms, as it had partially done after acquiring ZeniMax Media (parent of Bethesda Softworks) in March 2021 by making titles like Starfield exclusive to Xbox and Windows PC rather than releasing them on PlayStation.^[1]^[3] For cloud gaming—a nascent market projected to grow rapidly—the FTC highlighted Microsoft's control over about 70% of infrastructure-as-a-service capacity via Azure, powering Xbox Cloud Gaming, and claimed the company could restrict Activision content to its own service, harming emerging competitors like those using AWS or Google Cloud, despite Activision's prior non-exclusive deals with third-party cloud providers.^[3]^[51] Similarly, in subscription services like Xbox Game Pass (with 25 million subscribers as of early 2022), the FTC alleged Microsoft would use Activision's high-engagement titles to boost retention and recruitment at rivals' expense, such as Sony's PlayStation Plus.^[3] Supporting evidence included internal Microsoft documents obtained during the FTC's investigation, such as executive communications revealing strategies to prioritize Xbox exclusivity for acquired content and to "harm or hobble" competitors like Sony by leveraging multi-platform hits like Call of Duty, which required broad availability to maintain console sales momentum.^[3]^[51] The FTC also cited Microsoft's post-ZeniMax behavior, where it shifted planned multi-platform releases (e.g., Deathloop and Ghostwire: Tokyo) to Xbox exclusivity after closing the deal, contradicting prior public commitments to broad distribution.^[1] In the preliminary injunction hearing before the U.S. District Court for the Northern District of California in June 2023, the FTC presented expert economic testimony, including from Dr. Neale Mahoney, modeling potential foreclosure effects and price increases of 5-10% in affected markets, alongside depositions from Microsoft executives like gaming CEO Phil Spencer acknowledging the theoretical ability to make content exclusive despite remedial promises.^[3]^[52] The agency emphasized that voluntary commitments, such as a 10-year deal to keep Call of Duty on PlayStation, were non-binding and insufficient to prevent future harms, drawing on Microsoft's history of post-acquisition exclusivity shifts.^[51]^[3]

Judicial Proceedings

Preliminary Injunction Filing and Hearing

On June 12, 2023, the Federal Trade Commission (FTC) filed a motion for a temporary restraining order (TRO) and preliminary injunction in the United States District Court for the Northern District of California, seeking to halt Microsoft Corporation's proposed $68.7 billion acquisition of Activision Blizzard, Inc., until the FTC's administrative antitrust proceedings concluded.^[53]^[2] The filing emphasized the need to preserve the status quo, arguing that consummation of the deal would risk irreparable competitive harm and undermine the FTC's ability to impose structural remedies if it prevailed administratively.^[3] Microsoft opposed the motion, contending that the FTC failed to establish a likelihood of success on its Section 7 Clayton Act claims or demonstrate irreparable injury, and asserted that existing regulatory commitments sufficiently addressed competitive concerns.^[54] The case was assigned to Judge Jacqueline Scott Corley, who issued an order on June 14, 2023, setting an expedited schedule for the preliminary injunction proceedings, including a pre-evidentiary hearing conference.^[55] The FTC's arguments centered on the merger's potential to entrench Microsoft's dominance, particularly by enabling selective withholding of Activision's flagship Call of Duty franchise from rival platforms in console, cloud, and emerging mobile gaming markets, supported by evidence of Microsoft's internal strategic discussions and market share data showing Activision's 25% control of console blockbusters.^[3] Microsoft countered with testimony and documents highlighting pro-competitive efficiencies, such as expanded multi-platform access, and remedial agreements including 10-year licenses ensuring Call of Duty availability on Sony PlayStation and Nintendo Switch consoles, as well as cloud streaming deals with entities like NVIDIA.^[56] A five-day evidentiary bench trial commenced on June 22, 2023, featuring live testimony from 16 witnesses, including Microsoft CEO Satya Nadella, Activision Blizzard CEO Bobby Kotick, Xbox head Phil Spencer, and expert economists from both sides, alongside the introduction of hundreds of exhibits such as internal emails, financial models, and market analyses.^[57]^[58] The FTC pressed claims of nascent competitive threats in cloud gaming, where Microsoft held over 60% market share via Azure, alleging the deal would facilitate foreclosure tactics against providers like Amazon and Google.^[56] Microsoft rebutted with evidence of its historical support for cross-platform play and assertions that behavioral remedies, enforceable by regulators, obviated the need for injunction, while challenging the FTC's market definitions and harm predictions as overly speculative.^[54] The hearing concluded by late June, with closing arguments focusing on the balance of equities and public interest in innovation versus antitrust enforcement.^[59]

District Court Decision

The United States District Court for the Northern District of California, presided over by Judge Jacqueline Scott Corley, heard the FTC's motion for a preliminary injunction to block Microsoft's proposed acquisition of Activision Blizzard pending the agency's administrative proceedings.^[5] The court conducted a five-day bench trial in late June 2023, during which both parties presented evidence on the merger's potential anticompetitive effects, including expert testimony on market dynamics in cloud gaming, console subscriptions, and mobile gaming.^[54] On July 10, 2023, Judge Corley denied the FTC's request for a preliminary injunction in a detailed opinion, ruling that the agency failed to demonstrate a likelihood of success on the merits of its antitrust claims under Section 7 of the Clayton Act.^[5] ^[3] The court assessed the merger's vertical aspects, particularly Microsoft's potential leverage over Activision Blizzard's content in cloud gaming markets, but found the FTC's theories of harm speculative and insufficiently supported by evidence of probable foreclosure of rivals.^[54] Corley credited Microsoft's enforceable commitments, including a 10-year agreement to honor Activision Blizzard's existing cloud gaming licenses and a separate deal granting United States-based cloud providers like NVIDIA access to Activision Blizzard's content on nondiscriminatory terms, as adequate behavioral remedies that addressed the FTC's primary concerns without necessitating an injunction.^[54] ^[3] Regarding horizontal overlaps, the district court determined that competitive effects in areas such as console subscriptions (e.g., Xbox Game Pass) and mobile gaming (via Activision's King division) were minimal, with the FTC unable to show significant market share increases or reduced consumer choice post-merger.^[54] The opinion emphasized that the FTC bore the burden to raise "serious questions" about anticompetitive harm, a threshold the agency did not meet, particularly given the dynamic nature of digital gaming markets and Microsoft's procompetitive justifications for the deal, such as expanded content distribution.^[3] Judge Corley also weighed the public interest, noting that enjoining the merger could harm consumers by delaying access to Activision Blizzard's titles across platforms, while the proposed remedies preserved competition.^[54] This decision allowed the transaction to proceed toward completion, subject to ongoing regulatory reviews elsewhere.^[3]

Ninth Circuit Appeal and Ruling

Following the U.S. District Court for the Northern District of California's denial of a preliminary injunction on July 10, 2023, the Federal Trade Commission (FTC) filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit on July 12, 2023, docketed as No. 23-15992.^[60] The Ninth Circuit denied the FTC's motion for an injunction pending appeal on July 14, 2023, allowing Microsoft to proceed with the acquisition, which closed on October 13, 2023.^[61] Oral arguments were held on December 6, 2023.^[60] On May 7, 2025, the Ninth Circuit issued a unanimous opinion affirming the district court's denial of the preliminary injunction.^[6] The panel, consisting of Circuit Judges Daniel P. Collins (authoring the opinion), Danielle J. Forrest, and Jennifer Sung, held that the FTC had not shown a likelihood of success on the merits of its claim under Section 7 of the Clayton Act, which prohibits mergers substantially lessening competition.^[6]^[62] The court did not reach the issue of irreparable harm, as failure on likelihood of success was dispositive, and found no clear error in the district court's application of the standard under Section 13(b) of the FTC Act for preserving the status quo pending administrative proceedings.^[6] The Ninth Circuit rejected the FTC's foreclosure theories across the alleged markets for gaming consoles, subscription services, and cloud-streaming services. In the console market, the court found insufficient evidence that Microsoft would withhold Call of Duty from PlayStation or release a degraded version, citing Microsoft's economic incentives to maintain multi-platform availability for revenue maximization and reputational preservation, as well as post-announcement commitments to 10-year licensing deals.^[6] For subscription services, the panel noted Activision's historical resistance to such models and concluded that exclusivity to Xbox Game Pass would not foreclose rivals, given limited market foreclosure potential and procompetitive efficiencies like expanded content access.^[6] In cloud-streaming, the court deemed the FTC's showing particularly weak, as Activision content was not broadly available for streaming pre-merger, and Ubisoft's post-approval rights further undermined foreclosure claims.^[6] The decision emphasized that Section 7 requires fact-specific evidence of anticompetitive effects from vertical integration, not mere theoretical harms, and distinguished the case from precedents like Vail by highlighting the absence of prior dealing obligations or short-term profit sacrifices by Microsoft.^[6] The FTC did not seek further review by the Supreme Court, paving the way for dismissal of its related administrative challenge later in 2025.^[63]^[62]

International Regulatory Reviews

United Kingdom Competition and Markets Authority (CMA) Scrutiny

The UK Competition and Markets Authority (CMA) referred Microsoft's anticipated acquisition of Activision Blizzard for in-depth Phase 2 scrutiny on September 15, 2022, following a Phase 1 investigation that identified potential competition concerns in the dynamic UK video gaming market, particularly in cloud streaming services.^[64]^[65] In its provisional findings published on April 26, 2023, the CMA concluded that the merger would likely result in a substantial lessening of competition (SLC) in the supply of cloud gaming services for games playable on PCs, primarily due to Microsoft's strengthened position enabling it to deny or restrict access to Activision Blizzard's valuable content—such as the Call of Duty franchise—to rival cloud providers, thereby foreclosing competition in a nascent market projected to grow significantly.^[64] The CMA emphasized that post-merger, Microsoft would control over 60-70% of the UK's cloud gaming PC game content, exacerbating barriers to entry and expansion for competitors like Veeva and Amazon, while dismissing Microsoft's arguments that multi-year licensing commitments and open access promises sufficiently mitigated risks, citing insufficient enforceability and incentives for compliance. Microsoft initially appealed the provisional decision to the Competition Appeal Tribunal (CAT) on May 2023 but paused proceedings in July to pursue structural remedies.^[66] On August 21, 2023, Microsoft restructured the deal by agreeing to divest Activision Blizzard's non-European Economic Area (EEA) cloud streaming rights to Ubisoft Entertainment for a 10-year licensing arrangement, ensuring Ubisoft could stream all Activision PC and console games on its cloud platform and sub-license to other providers, thereby preserving third-party access and addressing the CMA's core foreclosure concerns without granting Microsoft exclusive control.^[46]^[67] The CMA's Phase 1 review of the restructured transaction, completed on September 22, 2023, found no SLC risks, as the divestiture to Ubisoft—a credible competitor with growing cloud capabilities—effectively replicated pre-merger competition dynamics and opened opportunities for innovation in the UK cloud gaming segment.^[67]^[68] On October 13, 2023, the CMA granted final consent for the acquisition under the revised terms, enabling deal completion that day, with ongoing monitoring provisions to ensure Ubisoft's effective implementation of the rights and Microsoft's non-interference.^[69]^[70] Critics, including Microsoft executives, argued the initial CMA stance reflected overly speculative harm in an embryonic cloud market—where adoption remained below 1% of UK gamers—potentially prioritizing theoretical risks over evidence of Microsoft's platform-neutral commitments, though the regulator maintained its analysis was grounded in robust market testing and third-party evidence.^[71]^[66]

European Commission and Other Jurisdictions

The European Commission opened an in-depth (Phase II) investigation into Microsoft's proposed acquisition of Activision Blizzard on January 25, 2023, under the EU Merger Regulation, primarily due to concerns over potential anticompetitive effects in the nascent cloud gaming market, where Activision Blizzard's content—such as Call of Duty—represented a key input that Microsoft could withhold from rival cloud streaming services.^[72] The Commission extended its review deadline multiple times, including to April 25, 2023, to assess vertical foreclosure risks, given Microsoft's strong position in PC operating systems (70-80% market share) and growing influence in cloud distribution via Xbox Cloud Gaming and Game Pass Ultimate.^[73] Microsoft submitted initial remedies on March 16, 2023, which were revised by April 4, 2023, and finalized by April 20, 2023, focusing on behavioral commitments rather than structural divestitures.^[43] On May 15, 2023, the Commission conditionally approved the merger, determining that the remedies fully addressed competition risks without significantly impeding effective competition in console markets (where combined shares remained below 30% post-merger) or multi-game subscription services.^[72]^[43] Key commitments included 10-year, royalty-free licensing agreements allowing eligible cloud streaming providers—such as Nvidia GeForce Now, Boosteroid, and Ubitus—to access and stream Activision Blizzard's PC and console games (termed "Eligible Games"), including all versions and additional content, effective from closing.^[43] A separate consumer-facing license enabled end-users to stream these games on any device via amended agreements, while Microsoft pledged to maintain Call of Duty availability on Sony PlayStation until at least the end of 2027 and committed to a 10-year distribution deal for Activision Blizzard titles on Nintendo platforms.^[43] These measures, monitored by an independent trustee with fast-track arbitration for disputes, mitigated foreclosure incentives in cloud gaming and ensured non-Windows PC OS platforms (e.g., ChromeOS, macOS) retained access via third-party streaming, as the Commission found insufficient evidence of console-specific harms given Sony's countervailing strategies and alternative content from publishers like EA and Epic Games.^[43] In other jurisdictions, regulatory scrutiny was generally less intensive, with approvals granted without conditions in most cases. Brazil's Administrative Council for Economic Defense (CADE) unconditionally cleared the transaction on October 5, 2022, citing PlayStation's dominant console position in the market as a sufficient competitive constraint.^[74] Japan's Fair Trade Commission approved the deal on March 28, 2023, after review, concluding it was unlikely to substantially restrain competition in any trade field.^[75] Australia's Competition and Consumer Commission discontinued its informal review on October 16, 2023, following the merger's closure, imposing no remedies or blocks despite initial consultations on potential impacts to game pricing and services.^[76] Approvals without restrictions also came from authorities in China (State Administration for Market Regulation), South Korea (Korea Fair Trade Commission), New Zealand, Chile, South Africa, and Saudi Arabia, reflecting assessments that the merger posed limited horizontal overlaps and that Microsoft's post-announcement commitments to rivals like Sony and Nintendo alleviated vertical concerns.^[77]

Merger Outcome and Post-Completion Developments

Deal Closure

Microsoft completed its acquisition of Activision Blizzard on October 13, 2023, for a total value of $68.7 billion in cash, marking the largest deal in the gaming industry's history.^[78]^[79] The transaction closed shortly after the United Kingdom's Competition and Markets Authority (CMA) granted final approval on October 12, 2023, resolving the last major regulatory obstacle following concessions from Microsoft, including a 10-year agreement to license Call of Duty to competitors like Sony and Nintendo.^[80]^[81] The merger agreement, originally announced on January 18, 2022, had faced multiple deadline extensions amid antitrust scrutiny, with the final extension pushing the cutoff to October 18, 2023.^[82] In the United States, the Federal Trade Commission's (FTC) efforts to secure a preliminary injunction were rejected by a federal district court on July 11, 2023, which ruled that the FTC failed to demonstrate a likelihood of success on claims of anticompetitive effects, particularly given Microsoft's commitments to maintain multi-platform access for key titles.^[83] The Ninth Circuit Court of Appeals affirmed this denial in a 2-1 decision on August 18, 2023, emphasizing the FTC's evidentiary shortcomings and the absence of imminent harm to competition.^[63] Upon closure, Activision Blizzard became a wholly owned subsidiary of Microsoft, integrating its franchises—including Call of Duty, World of Warcraft, and Diablo—into Microsoft's gaming ecosystem under the Xbox division, with Phil Spencer retaining oversight as CEO of Microsoft Gaming.^[84] Microsoft announced immediate post-merger initiatives, such as day-one availability of Activision titles on Xbox Game Pass and commitments to preserve studio independence while leveraging cloud and subscription services for broader access.^[44] The completion proceeded without U.S. government-mandated divestitures or blocks, contrasting with the FTC's initial administrative challenge, which alleged vertical integration risks but lacked sufficient proof to halt the deal in court.^[2]

FTC Administrative Case Dismissal

On May 22, 2025, the Federal Trade Commission (FTC) issued an order dismissing its administrative complaint against Microsoft Corporation regarding the completed acquisition of Activision Blizzard, Inc.^[4]^[85] The dismissal followed the U.S. Court of Appeals for the Ninth Circuit's May 7, 2025, opinion affirming the district court's denial of the FTC's request for a preliminary injunction to block the merger, which had closed on October 13, 2023.^[6]^[2] The FTC's administrative proceeding had continued in parallel after the merger's completion, as the agency retained authority under Section 13(b) of the Federal Trade Commission Act to seek remedies such as divestiture even post-closing.^[4] However, the Commission determined that "dismissal of the complaint is in the public interest," citing the Ninth Circuit's ruling that the FTC had failed to demonstrate a likelihood of success on the merits or irreparable harm.^[4]^[86] This decision effectively ended the FTC's in-house challenge, which had been initiated on December 8, 2022, and briefly withdrawn from adjudication in July 2023 before resuming in September 2023.^[2]^[8] The dismissal occurred under a restructured FTC Commission following the 2024 U.S. presidential election, with incoming leadership signaling a shift away from prior enforcement priorities established during the Biden administration.^[87] Critics of the original FTC action, including Microsoft, had argued that the administrative case relied on speculative harms unsupported by evidence of actual post-merger anticompetitive effects, a view reinforced by the courts' prior rejections of injunctive relief.^[85] The order did not provide additional substantive analysis beyond the public interest determination, marking the conclusion of the FTC's primary domestic regulatory effort to unwind the $68.7 billion transaction.^[4]^[88] Shareholder plaintiffs in the Delaware Court of Chancery have pursued claims against Activision Blizzard's board of directors and executives, including former CEO Bobby Kotick, alleging breaches of fiduciary duties in connection with the merger. The suit contends that defendants rushed the transaction with Microsoft without sufficiently canvassing alternative bids or maximizing shareholder value, motivated in part by self-interest such as securing lucrative retention bonuses and "golden parachute" payments totaling over $100 million for Kotick alone.^[89]^[90] On October 3, 2025, Chancellor Kathaleen St. J. McCormick denied defendants' motion to dismiss the majority of claims, ruling that the allegations plausibly stated viable causes of action under Delaware law, including failures to act with due care and loyalty. The court rejected arguments that the merger's approval by a majority of disinterested shareholders via a "cleansing" vote insulated the board, finding sufficient pleading of controller-level influence by major stakeholders like Tencent and Silver Lake that undermined the vote's cleansing effect. Claims dismissed included those against certain outside directors for lack of particularized allegations of personal benefit.^[91]^[89] The litigation stems from a January 2022 proxy statement soliciting votes for the all-cash deal at $95 per share, valued at approximately $69 billion, which closed on October 13, 2023, despite regulatory challenges. Plaintiffs argue the process undervalued Activision Blizzard, citing post-announcement interest from entities like Sony and private equity firms, and claim executives prioritized job security under Microsoft over superior offers amid ongoing scandals at Activision, including workplace harassment probes. Discovery is expected to proceed, with potential for settlement or trial to determine damages for alleged shareholder harm.^[90]^[92] No other major antitrust-related suits directly tied to the FTC's challenge remain active following the agency's closure of its administrative proceeding on May 22, 2025, after the Ninth Circuit affirmed denial of injunctive relief. Separate probes, such as an FTC inquiry into Microsoft's cloud gaming practices announced in late 2024, have not escalated to formal litigation as of October 2025.^[2]^[8]

Economic Analysis and Impacts

Competitive Effects in Gaming Markets

The FTC alleged that the merger would harm competition primarily in markets for high-performance gaming consoles, multiplayer PC and console gaming, cloud gaming streaming, and mobile gaming, by enabling Microsoft to withhold popular Activision Blizzard titles like Call of Duty from rival platforms, thereby strengthening Xbox's position against dominant competitors such as Sony's PlayStation.^[93] However, post-merger empirical data through 2025 has shown no substantial reduction in competition, with Microsoft adhering to commitments to maintain Activision content availability on non-Xbox platforms for at least 10 years, including a binding agreement with Sony ensuring Call of Duty releases on PlayStation through 2033.^[44] In console hardware markets, Microsoft's Xbox maintained a minority share of approximately 16-30% globally as of 2023-2025, compared to Sony's PlayStation dominance at around 70%, with no evidence of the merger altering hardware sales dynamics or leading to reduced rivalry.^[94]^[95] PlayStation's revenue from gaming operations exceeded that of Xbox plus Activision Blizzard combined by 44% in early 2024 analyses, reflecting sustained competitive pressure despite the integration of Activision's content into Xbox Game Pass, which boosted Microsoft's content offerings without exclusivity-driven foreclosure.^[96] Cloud gaming, a nascent segment where the FTC expressed concerns over Microsoft's potential dominance (citing its Azure infrastructure), has seen continued multi-platform availability of Activision titles, with no observed exit of competitors or stifled entry; the market remains fragmented, with players accessing Call of Duty via services like PlayStation Cloud and GeForce Now alongside Xbox Cloud Gaming.^[43] Post-merger, Xbox gaming revenue grew 43% year-over-year in Q3 2024, but this was attributable almost entirely to Activision integration rather than organic market share gains or anticompetitive exclusion, indicating the merger enhanced Microsoft's portfolio without harming rivals' viability.^[97] In PC and mobile gaming, where Activision generated significant multi-platform revenue (e.g., 36% from mobile with 250 million monthly active users pre-merger), competition persisted through ongoing distribution on Steam, Epic Games Store, and app stores, with no withholding of titles leading to higher prices or reduced innovation.^[98] A difference-in-differences analysis of game review ratings post-acquisition found statistically significant positive effects on product quality for acquired titles, controlling for genre and platform, suggesting efficiencies from combined resources rather than diminished incentives to compete.^[99] Overall, the gaming industry's growth to a projected $225 billion online segment in 2025, amid broader post-pandemic stabilization, underscores that the merger did not materialize the FTC's predicted harms, as evidenced by sustained rival revenues and content interoperability.^[100]^[101]

Innovation and Consumer Benefits Post-Merger

Following the October 13, 2023, completion of the acquisition, Microsoft integrated key Activision Blizzard titles into Xbox Game Pass, enabling subscribers to access premium games like Diablo IV, Call of Duty: Modern Warfare III, and Crash Bandicoot N. Sane Trilogy on launch day without additional purchase costs beyond the subscription fee, which averaged $10–17 monthly depending on the tier prior to later adjustments.^[44]^[97] This expanded the service's library, providing consumers with a lower-cost alternative to à la carte purchases for high-value franchises, as noted in court observations that day-one Game Pass availability for Call of Duty titles offered "a new, lower cost way to play the game."^[62] The addition of Activision Blizzard content contributed to Microsoft's gaming revenue rising 43% year-over-year in fiscal year 2024, with the acquisition cited as a primary driver, including a "net impact" from the integration that supported broader platform investments.^[102] Specific post-merger releases, such as Call of Duty: Black Ops 6 launching on Game Pass in October 2024, drove quarterly subscriber engagement and revenue growth for Xbox amid an otherwise flat market, demonstrating sustained content delivery.^[97] Microsoft attributed these developments to enhanced resource allocation for game development, stating the merger "is fueling innovation" by leveraging combined expertise in technology and content creation to deliver more titles across platforms.^[44] Consumer access extended beyond Xbox ecosystems through regulatory-mandated multi-platform commitments, including 10-year agreements ensuring Call of Duty availability on Sony PlayStation and Nintendo devices, preserving competitive choice and preventing exclusivity that could have raised barriers for non-Xbox users.^[103] This structure maintained broad distribution, with cloud streaming options further lowering hardware requirements for play, though analysts observed that while subscription access increased trial of titles, it also led to estimated $300 million in foregone direct Call of Duty sales, prompting Microsoft to recalibrate pricing and tiers in 2025 to sustain service viability.^[104] Overall, the integration has empirically boosted content volume and revenue capacity for reinvestment, though Game Pass subscriber growth fell short of pre-merger projections for explosive expansion.^[105]

Criticisms and Debates

FTC Overreach and Methodological Flaws

The FTC's challenge to Microsoft's $68.7 billion acquisition of Activision Blizzard, initiated via an administrative complaint on December 8, 2022, and a federal lawsuit seeking a preliminary injunction, drew criticism for evidentiary shortcomings and an expansive interpretation of antitrust risks that courts deemed insufficiently substantiated.^[2] U.S. District Judge Jacqueline Scott Corley, in denying the injunction on July 13, 2023, ruled that while the FTC established Microsoft's theoretical ability to foreclose competitors from Activision content like Call of Duty, it failed to demonstrate a credible incentive for Microsoft to do so, citing internal documents, executive testimony, and binding commitments ensuring multi-platform availability that would preserve substantial revenues from Sony's PlayStation ecosystem.^[8] Critics, including legal analysts, argued this reflected methodological flaws in the FTC's reliance on selective interpretations of Microsoft's past acquisitions—such as the 2014 Mojang purchase, where exclusivity followed—without accounting for differing market contexts or the quantitative evidence of Call of Duty's projected $10-15 billion annual revenue dependency on non-Xbox platforms.^[106] The Ninth Circuit's affirmance on May 7, 2025, reinforced these critiques, holding that the FTC could not meet its burden under Section 13(b) of the FTC Act without proving the merits of its underlying Clayton Act Section 7 claim, as speculative harms in nascent markets like cloud gaming lacked empirical support amid Microsoft's assurances and the deal's approvals by the UK's CMA and EU Commission.^[6]^[9] The panel noted the FTC's failure to rebut "overwhelming evidence" of Microsoft's post-merger conduct favoring broad distribution, including a 10-year Call of Duty licensing deal with Sony signed January 2, 2023, and similar commitments to Nintendo, which undermined theories of foreclosure-driven monopolization.^[3] This approach was faulted for prioritizing hypothetical vertical integration risks over causal evidence of actual competitive harm, with the FTC's expert testimony on market foreclosure dismissed as inconsistent with revenue models where exclusivity would forfeit billions in licensing fees.^[106] Overreach allegations intensified post-merger closure on October 13, 2023, as the FTC persisted with its administrative trial despite the federal court's rejection, only to dismiss the case on May 22, 2025, following the Ninth Circuit loss, signaling an inability to marshal persuasive evidence in a de novo proceeding.^[86] Observers contended this reflected a broader pattern under Chair Lina Khan of aggressive enforcement diverging from precedent, where the FTC's complaint emphasized unproven "killer acquisitions" in gaming without quantifying foreclosure probabilities or addressing countervailing efficiencies like enhanced cloud streaming investments.^[9] The reliance on anonymized competitor statements and extrapolated internal emails—interpreted by the FTC as evincing intent to harm Sony but viewed by the court as non-probative amid contradictory commitments—was highlighted as a flaw in evidentiary rigor, prioritizing narrative over data-driven causal analysis.^[3]

Perspectives on Antitrust Enforcement Under the Biden Administration

The Biden administration's antitrust policy emphasized aggressive enforcement against mergers and dominant firms, departing from the consumer welfare standard that had guided U.S. antitrust law for decades by prioritizing structural presumptions against concentration over empirical evidence of harm to consumers.^[107] This approach, influenced by neo-Brandeisian thinking, was formalized in Executive Order 14036 on July 9, 2021, which directed agencies to reconsider longstanding guidelines and enhance scrutiny of horizontal and vertical mergers.^[108] FTC Chair Lina Khan, appointed in June 2021, implemented this vision by challenging high-profile deals, including the FTC's suit against Microsoft's $68.7 billion acquisition of Activision Blizzard announced on January 18, 2022, alleging it would harm competition in cloud gaming and multi-platform distribution.^[2] Critics, including economists and legal scholars, argued that this enforcement regime substituted ideological opposition to large firms for rigorous economic analysis, leading to methodological flaws and courtroom defeats that undermined U.S. competitiveness.^[109] In the Microsoft-Activision case, the FTC's reliance on hypothetical future harms—such as Microsoft withholding Activision titles like Call of Duty from rivals—lacked supporting data on market foreclosure, as evidenced by Microsoft's pre-merger commitments to Sony and Nintendo, which courts deemed sufficient to mitigate risks.^[110] U.S. District Judge Jacqueline Scott Corley denied the FTC's preliminary injunction on July 11, 2023, finding the agency's evidence "speculative" and insufficient to outweigh efficiencies like expanded game access via Microsoft's cloud infrastructure.^[111] The Ninth Circuit upheld this on May 7, 2025, criticizing the FTC for failing to demonstrate irreparable harm.^[111] Analyses from think tanks and academics highlighted the Biden FTC's low success rate in merger challenges, with the agency and DOJ Antitrust Division losing more litigated cases under Biden than in the prior three administrations combined, attributing this to overbroad theories detached from causal evidence of reduced output, higher prices, or stifled innovation.^[112] Yale School of Management researchers contended that Khan's interventions, including in Microsoft-Activision, destroyed shareholder value—estimated at billions in foregone synergies—without commensurate consumer benefits, as post-merger data showed no widespread game exclusions and continued multi-platform availability.^[113] George Mason University law review contributors described the policy as a "paradoxical populism" reviving early-20th-century structuralism, which ignores modern empirical tools like merger retrospectives showing most large tech deals enhance rather than harm competition.^[114] Defenders of the administration's stance, such as progressive antitrust advocates, viewed the Microsoft challenge as essential to prevent entrenchment of "winners-take-all" dynamics in gaming, arguing that traditional standards underemphasize long-term threats to innovation from platform gatekeepers.^[115] However, such positions faced skepticism for prioritizing ex ante presumptions over post-merger outcomes, as the deal's completion on October 13, 2023, and subsequent FTC administrative case dismissal in May 2024 revealed no immediate anticompetitive effects, with Activision titles remaining on rival consoles under binding agreements.^[116] House Oversight Committee investigations further alleged procedural irregularities under Khan, including sidelining dissenting FTC economists and rule changes to lower evidentiary burdens, which prioritized policy goals over neutral adjudication.^[117] Overall, the enforcement approach drew praise from those wary of corporate consolidation but criticism for chilling investment, with M&A activity in scrutinized sectors declining amid uncertainty, potentially reducing dynamic efficiencies in fast-evolving markets like gaming.^[118]

Reactions

Industry and Analyst Views

Industry analysts predominantly assessed the FTC's antitrust challenge to Microsoft's acquisition of Activision Blizzard as methodologically weak and improbable to prevail in court. Wedbush Securities analyst Michael Pachter argued that the FTC had prematurely revealed its arguments, enabling Microsoft to mitigate concerns through commitments like multi-year licensing deals for Call of Duty on rival platforms, and dismissed the agency's framing of the transaction as two industry giants merging as a mischaracterization given Microsoft's then-modest console market share of around 20-25%.^[119] Pachter expressed confidence that the deal would enhance competition by bolstering subscription models like Xbox Game Pass, predicting sustained multi-platform support post-closure.^[120] Similarly, Bloomberg Intelligence analysts highlighted the FTC's uphill evidentiary burden in nascent digital markets like cloud gaming, where foreclosure risks were speculative absent concrete post-merger plans to withhold content.^[121] Gaming industry executives outside direct competitors largely endorsed the merger's potential to drive innovation and consumer access. Electronic Arts CEO Andrew Wilson testified that the combination would intensify rivalry in subscription services and high-quality game development, countering monopoly fears by noting Microsoft's incentives to maintain broad distribution for franchises like Call of Duty, which generated over $1 billion annually in multi-platform revenue.^[59] Microsoft Gaming CEO Phil Spencer reiterated during FTC hearings that the acquisition aimed to accelerate cloud gaming accessibility, with post-merger data showing Game Pass subscribers exceeding 34 million by mid-2024 and Activision titles driving a 43% year-over-year gaming revenue surge to approximately $5.6 billion in Microsoft's fiscal Q1 2025, attributed partly to integrated content without evidence of widespread exclusivity.^[122]^[102] Analysts from Ampere Analysis echoed this, viewing the deal as diversifying Microsoft's portfolio into mobile and PC segments, where Activision's $3 billion-plus mobile revenues could expand reach beyond consoles dominated by Sony and Nintendo.^[123] Critics within progressive antitrust circles, such as the American Economic Liberties Project, contended that the district court's denial of injunction overlooked Microsoft's history of acquiring and later sunsetting studios like Tango Gameworks, potentially signaling reduced incentives for mid-tier innovation post-consolidation.^[115] However, empirical post-merger outcomes, including no Call of Duty withdrawal from PlayStation through 2033 per binding agreements and sustained release cadence, aligned more closely with pro-competition forecasts from mainstream analysts like those at Wedbush, who anticipated the transaction fueling industry-wide subscription growth without substantiated harm to rivals' market shares.^[124] This consensus held despite the FTC's administrative pursuit, which analysts attributed to regulatory overreach rather than robust causal evidence of anticompetitive effects.^[125]

Political and Media Responses

The Biden administration's Federal Trade Commission (FTC), under Chair Lina Khan, pursued an aggressive antitrust challenge to Microsoft's $68.7 billion acquisition of Activision Blizzard, filing suit on December 8, 2022, to block the merger on grounds of potential harm to competition in gaming markets.^[1] This action aligned with the administration's broader shift toward stricter merger scrutiny, as outlined in executive orders and FTC guidelines emphasizing vertical integration risks, though courts ultimately rejected the FTC's preliminary injunction requests in July 2023 and affirmed the denial on May 7, 2025, by the Ninth Circuit.^[63] ^[6] Republican lawmakers voiced strong opposition to the FTC's efforts, viewing them as regulatory overreach and inefficient use of resources. In a July 13, 2023, House Judiciary Committee hearing, Representative Darrell Issa (R-CA) criticized Khan's judgment in litigating the Microsoft case, particularly after a federal judge denied the FTC's injunction bid.^[126] On July 18, 2023, 22 Republican members of Congress, led by figures including Representative Tom Emmer (R-MN), sent a letter urging the FTC to abandon its challenge, arguing it lacked merit and diverted attention from genuine threats.^[127] Following the 2024 election, the incoming Trump administration's FTC terminated the administrative proceedings on May 23, 2025, effectively ending the Biden-era effort and signaling a pivot away from such interventions.^[87] Media coverage reflected partisan divides, with conservative-leaning outlets portraying the FTC's pursuit as ideologically driven activism lacking empirical support, especially after judicial setbacks exposed weaknesses in the agency's evidence on competitive harms.^[128] Progressive antitrust advocates, such as those at the Economic Liberties Project, defended the FTC's stance in a July 11, 2023, analysis, contending the district court's ruling overlooked long-term risks to innovation from Microsoft's expanded control over franchises like Call of Duty.^[115] Mainstream reports, including from Reuters and NPR, highlighted the administration's uphill legal battle and ultimate failure, noting how the merger closed on October 13, 2023, despite initial blocks in regions like the UK, underscoring tensions between enforcement rhetoric and courtroom outcomes.^[129] ^[130]

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FTC v. Microsoft Corporation, 23-15992 – CourtListener.com
Jul 13, 2023 · Court of Appeals for the Ninth Circuit ; Last Updated: May 29, 2025, 10:31 a.m. ; Date Argued: Dec. 6, 2023 ; Citation: FTC v. Microsoft ...Missing: summary | Show results with:summary<|separator|>
[61]
Update: FTC Reopens its In-House Challenge of Microsoft's ...
--June 12, 2023: The FTC files a motion for a preliminary injunction of the proposed merger in the Northern District of California. --June 22, 2023: Evidentiary ...<|separator|>
[62]
FTC Drops Final Challenge to Microsoft's Activision Blizzard Merger
Sep 19, 2025 · The court found the FTC failed to show Microsoft had an incentive to withhold Call of Duty, and noted evidence of reputational and economic ...
[63]
Microsoft wins appeal in FTC challenge to $69 bln Activision ...
May 7, 2025 · A federal appeals court on Wednesday rejected a legal challenge by the Federal Trade Commission to Microsoft's $69 billion purchase of “Call ...
[64]
Microsoft / Activision Blizzard merger inquiry - GOV.UK
Statutory timetable 15 September 2022: The CMA has referred the anticipated acquisition by Microsoft Corporation of Activision Blizzard, Inc.Phase 2 · Microsoft / Activision Blizzard... · Final report · Provisional findingsMissing: scrutiny | Show results with:scrutiny
[65]
[PDF] Summary of phase 1 decision - GOV.UK
The Competition and Markets Authority (CMA) conducted a phase 1 investigation into the anticipated acquisition of Activision Blizzard, Inc. (ABK) by ...
[66]
how Microsoft rescued its Activision merger from the CMA's veto
Jan 12, 2024 · 22 September 2023, CMA publishes Phase 1 decision on the revised merger. 13 October 2023, CMA publishes decision accepting UILs and gives ...
[67]
New Microsoft/Activision deal addresses previous CMA concerns in ...
Sep 22, 2023 · The sale of Activision's cloud gaming rights to Ubisoft substantially addresses previous concerns and opens the door to the deal being cleared.
[68]
[PDF] Full text decision - GOV.UK
Sep 22, 2023 · The CMA recognises that the divestiture of the. Activision Streaming Rights to Ubisoft aims to prevent Microsoft from having any ability to ...
[69]
Microsoft / Activision Blizzard (ex-cloud streaming rights) merger ...
13 October 2023: The CMA has decided to grant consent for Microsoft Corporation to acquire Activision Blizzard, Inc. (excluding Activision Blizzard, Inc.'s non- ...Missing: scrutiny | Show results with:scrutiny
[70]
[PDF] EEA cloud streaming rights - GOV.UK
Oct 13, 2023 · DECISION ON CONSENT UNDER THE FINAL ORDER. The CMA's decision to consent to Microsoft Corporation acquiring Activision Blizzard, Inc.
[71]
Microsoft-Activision Blizzard takeover approved by UK regulator CMA
Oct 13, 2023 · Britain's top competition watchdog on Friday gave the green light to Microsoft's proposed $69 billion takeover of gaming firm Activision Blizzard.Missing: timeline | Show results with:timeline<|separator|>
[72]
Mergers: Commission clears acquisition of Activision Blizzard by Microsoft, subject to conditions
No readable text found in the HTML.<|separator|>
[73]
EU regulators extend deadline for Microsoft, Activision deal to April 25
Mar 1, 2023 · EU regulators extend deadline for Microsoft, Activision deal to April 25 · Microsoft Corp · Activision Blizzard Inc · Tencent Holdings Ltd.
[74]
CADE clears Microsoft's acquisition of Activision Blizzard
Oct 7, 2022 · ... (CADE), cleared Microsoft's full acquisition of Activision Blizzard. Although unconditionally approved in Brazil, the merger is still ...
[75]
The JFTC Reviewed the Proposed Acquisition of Activision Blizzard ...
The JFTC concluded that the transaction is unlikely to result in substantially restraining competition in any particular fields of trade.<|separator|>
[76]
Microsoft-Activision merger review 'discontinued' by Australian ...
Oct 16, 2023 · Microsoft's $68.7 billion merger with Activision Blizzard will face no further regulatory scrutiny in Australia, with the country's competition ...
[77]
Weil Helps Earn Global Regulatory Approval for Microsoft's ...
Oct 13, 2023 · The CMA's approval of the merger on October 13, 2023 followed an innovative process. The CMA originally prohibited the merger in April 2023 at ...<|separator|>
[78]
Microsoft closes Activision Blizzard deal after regulatory review
Oct 13, 2023 · When it announced the deal in January 2022, Microsoft said it expected to close the transaction by the end of June 2023. In July, the two ...
[79]
Microsoft Completes $69 Billion Activision Blizzard Purchase
Oct 13, 2023 · Microsoft Corp. completed its $69 billion purchase of Activision Blizzard Inc. after a nearly two-year fight with global regulators ...<|separator|>
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Microsoft Closes $69 Billion Acquisition of Activision Blizzard - Variety
Oct 13, 2023 · The original merger agreement expired July 18, 2023, but the companies extended that to Oct. 18 pending the regulatory review. In the U.S., the ...
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Microsoft completes $69bn deal to buy Call of Duty maker Activision ...
Oct 13, 2023 · Microsoft has completed its $69bn (£57bn) deal to buy Activision Blizzard, the maker of games including Call of Duty and World of Warcraft, ...
[82]
TIMELINE-Microsoft's $69 billion acquisition of Activision Blizzard
Dec 6, 2023 · (Adds Dec 6, 2023 FTC detail) Dec 6 (Reuters) - Xbox maker Microsoft closed its $69 billion deal for "Call of Duty" maker Activision ...Missing: initiation | Show results with:initiation<|separator|>
[83]
Microsoft can close its Activision merger, federal judge rules - CNN
Jul 11, 2023 · A federal judge will not block Microsoft (MSFT) from closing its $69 billion deal to acquire video game giant Activision Blizzard.
[84]
Microsoft completes Activision Blizzard acquisition, Call of Duty now ...
Oct 13, 2023 · Microsoft has finalized its $68.7 billion deal to acquire Activision Blizzard, the publisher of Call of Duty, World of Warcraft, and Diablo.
[85]
FTC drops case over Microsoft's $69 billion Activision Blizzard deal
May 22, 2025 · The FTC lost an appeal on May 7 seeking to reverse a judge's decision declining to block the Microsoft-Activision deal, which closed in 2023.<|separator|>
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FTC drops case against Microsoft's acquisition of Activision Blizzard
May 23, 2025 · On May 22, 2025, the FTC issued an order dismissing its case after it lost its appeal against Microsoft earlier this month. "The commission ...
[87]
Trump's FTC walks away from Microsoft-Activision merger fight ...
May 23, 2025 · President Trump's antitrust cops ended a government effort to unwind Microsoft's $69 billion acquisition of video game maker Activision ...<|control11|><|separator|>
[88]
FTC drops case over Microsoft's $69bn Activision Blizzard acquisition
May 22, 2025 · The FTC lost an appeal on 7 May seeking to reverse a judge's decision declining to block the Microsoft-Activision deal, which closed in 2023.
[89]
Activision officials must face claims over Microsoft takeover, judge ...
Oct 3, 2025 · Activision officials must face claims over Microsoft takeover, judge rules · Shareholders say Activision CEO prioritized own interests · Microsoft ...
[90]
Activision must face claims over Microsoft takeover: Judge - CNBC
Oct 3, 2025 · Activision Blizzard officials including Chief Executive Bobby Kotick must face a lawsuit alleging they shortchanged shareholders when ...
[91]
'Game On' for Majority of Claims Over 'Rushed' Microsoft-Activision ...
Oct 3, 2025 · The bulk of a shareholder lawsuit alleging Activision Blizzard rushed into a deal with Microsoft can proceed, Chancellor Kathaleen St. J.
[92]
Court Allows Majority of Claims Over 'Rushed' Microsoft-Activision ...
Oct 3, 2025 · The bulk of a shareholder lawsuit alleging Activision Blizzard rushed into a deal with Microsoft can proceed, Chancellor Kathaleen St. J.Missing: post- | Show results with:post-
[93]
[PDF] Case 3:23-cv-02880-JSC Document 224 Filed 06/26/23 Page 1 of 80
I have been asked by counsel for the FTC to evaluate the likely competitive effects of Microsoft Corp.'s proposed acquisition of Activision Blizzard, Inc. (“ ...
[94]
Microsoft Reveals Stats Proving Nintendo and Sony Are Beating It in ...
Jun 22, 2023 · As of 2021, Xbox only had a console market share of 16%, leaving Nintendo and Sony with the bulk of the pie. This is one of several ...
[95]
PlayStation has 70% of the world market compared to Xbox's 30 ...
Feb 21, 2023 · PlayStation has 70% of the world market compared to Xbox's 30% according to Microsoft. In a press conference about the agreement with Activision ...
[96]
Playstation revenue is 44% higher than Xbox and ABK combined
Feb 14, 2024 · Analysis: Playstation revenue is 44% higher than Xbox and ABK combined | 104% higher without ABK included. Thread starter Draugoth; Start date ...
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Activision pushed Xbox to growth in an otherwise flat Q3
Nov 1, 2024 · Xbox's gaming revenue grew 43% year-on-year, but essentially all of this growth came from the Activision Blizzard acquisition (43 points of net ...
[98]
[PDF] The Takeover of Activision Blizzard by Microsoft - RUN
Mar 24, 2025 · As ATVI generates 36% of its revenues from mobile games and has around 250M mobile MAUs, the acquisition offers an attractive entry into the ...
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[PDF] The Impact of Acquisition on Product Quality in the Console Gaming ...
May 7, 2024 · The DID results suggest a positive and statistically significant impact of acquisition on game review ratings, when controlling for genre and ...
[100]
Online Gaming Market Size, Share & Growth | Forecast [2032]
The global online gaming market size is projected to grow from $225.28 billion in 2025 to $424.14 billion by 2032, at a CAGR of 9.5% during the forecast ...
[101]
[PDF] Video Games Market Update - Houlihan Lokey
Mar 7, 2024 · (1) Viacom's digital gaming assets included Addicting Games, GameTrailers, and Shockwave. (1) has been acquired by a portfolio company of.
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Microsoft gaming revenue up 43% year-on-year due to Activision ...
Oct 31, 2024 · Microsoft gaming revenue up 43% year-on-year due to Activision acquisition. Microsoft noted a "net impact" of the ABK investment, with its ...<|separator|>
[103]
Microsoft closes $69 billion Activision deal after Britain's nod - Reuters
Oct 13, 2023 · Xbox maker Microsoft (MSFT.O) closed its $69 billion deal for Activision Blizzard (ATVI.O) on Friday, swelling its heft in the video-gaming market.
[104]
Xbox's Game-Pass Hike Shows Cost of Lost 'Call of Duty' Sales
Oct 3, 2025 · “Game Pass hasn't delivered the explosive growth Microsoft anticipated post-Activision, and they've realized their infrastructure costs don ...
[105]
Activision Hasn't Helped Microsoft Grow Xbox Game Pass, Says ...
Jan 15, 2025 · A new report shows that Microsoft's acquisition of Activision-Blizzard hasn't been as helpful to Xbox Game Pass as the company hoped.
[106]
Why Does the FTC Continue To Pursue Losing Cases? - ProMarket
Aug 11, 2023 · The court found that there was “overwhelming evidence of the combined firm's lack of incentive to pull Call of Duty from PlayStation,” including ...
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Wither Consumer Welfare? Antitrust in the Biden Years
Jul 2, 2025 · The agencies deemphasized consumer welfare and economic analysis more generally, instead elevating the importance of market structure and ...
[108]
President Biden's Executive Order on Competition: An Antitrust ...
Jul 18, 2022 · This paper analyzes issues covered by the Order that are most likely to affect the scope and enforcement of antitrust law.
[109]
Biden's Antitrust Autopsy - AAF - The American Action Forum
Jan 16, 2025 · President Biden issued the Executive Order on Promoting Competition in the American Economy that upended the competition regulatory apparatus that had been in ...
[110]
Antitrust Enforcement in 2023: Year in Review for the Federal Trade ...
Jan 17, 2024 · Federal Trade Commission, “FTC Seeks to Block Microsoft Corp.'s Acquisition of Activision Blizzard, Inc.,” press release, December 8, 2022. 20.Missing: criticisms | Show results with:criticisms
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Microsoft wins appeal in FTC challenge to Activision Blizzard deal
May 7, 2025 · A federal appeals court on Wednesday rejected a legal challenge by the Federal Trade Commission to Microsoft 's $69 billion purchase of Call of Duty maker ...
[112]
[PDF] Biden-Era M&A Data Shows Continuity, Not Revolution
Feb 21, 2025 · As this table shows, the Antitrust Division and the FTC under the Biden administration lost more court decisions than any of the prior three ...Missing: criticisms | Show results with:criticisms
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The FTC's Antitrust Overreach Is Hurting U.S. Competitiveness and ...
Dec 13, 2023 · The FTC's Antitrust Overreach Is Hurting U.S. Competitiveness and Destroying Value. Yale SOM's Jeffrey Sonnenfeld and Steven Tian write that FTC ...
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Biden Antitrust: The Paradox of the New Antitrust Populism
Biden antitrust is the revival of an antitrust populism that was co-existential with the adoption of the Sherman Act more than a century ago.
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Quick Take: Why the Judge Was Wrong in FTC vs. Microsoft-Activision
Jul 11, 2023 · In December 2022, the Federal Trade Commission sued to block Microsoft's $68.7 billion acquisition of Activision-Blizzard, a merger that ...
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The Biden Antitrust Legacy - AAF - The American Action Forum
Nov 20, 2024 · In the Microsoft case, the FTC claimed that Microsoft's acquisition of Activision would harm competition in console markets because Microsoft ...Missing: criticisms | Show results with:criticisms
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[PDF] The Federal Trade Commission Under Chair Lina Khan: Undue ...
Oct 31, 2024 · ➢ Chair Khan has swept aside principles, practices and policies of merger-review—ones that had served pro-consumer and pro-competitive interests ...
[118]
Antitrust Under Biden: Taking a Closer Look at the Numbers
Sep 10, 2024 · The Biden administration has been very public about its skepticism of mergers and acquisitions, particularly those among larger players, those ...
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https://www.wsj.com/articles/ftc-sues-microsoft-to-block-activision-purchase-11670527080
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Federal Court Judge Overrides FTC, Approves Microsoft's $69 ...
Jul 11, 2023 · “The FTC can sue for divestiture, but Activision shareholders will get paid [a $3 billion termination fee],” Pachter said in an email. Related ...<|separator|>
[121]
ANALYSIS: Microsoft Wants to 'Litigate the Fix'—That's Smart
Dec 15, 2022 · The FTC faces an uphill battle to demonstrate that the Microsoft/Activision merger will harm a number of digital markets that are nascent, ...
[122]
FTC spars with Microsoft gaming chief Phil Spencer over how Xbox ...
Jun 26, 2023 · Two very different versions of Microsoft's gaming division were described in court last week during ongoing hearings in the Federal Trade Commission.
[123]
Microsoft has agreed to acquire Activision Blizzard for an all-cash ...
This deal substantially strengthens Microsoft's content pipeline, diversifies the portfolio more heavily into mobile and PC games and helps the company make its ...
[124]
Activision Blizzard-Microsoft Deal Extended to October After ...
Jul 19, 2023 · Michael Pachter of Wedbush Securities told CNBC the FTC has mistakenly perceived the Microsoft-Activision deal as "goliath buying goliath ...
[125]
Analysts see CMA objection to Activision Blizzard acquisition as a ...
Feb 8, 2023 · Analysts see CMA objection to Activision Blizzard acquisition as a sign deal will go through. Wedbush's Nick McKay and Michael Pachter see ...
[126]
FTC Chair Lina Khan Faces Criticism in Congressional Hearing
Jul 13, 2023 · Representative Darrell Issa, Republican of California, criticized Ms. Khan's judgment in pursuing the case to block Microsoft's acquisition of ...
[127]
Republican lawmakers urge FTC to drop fight against Microsoft deal ...
Jul 18, 2023 · Twenty-two Republican lawmakers urged the Federal Trade Commission to drop its fight against Microsoft's deal to buy video game maker ...
[128]
Republicans attack FTC chair and big tech critic Lina Khan at House ...
Jul 13, 2023 · On Tuesday, a federal judge ruled against the FTC's attempt to delay Microsoft from acquiring the video game company Activision Blizzard ...
[129]
Biden faces uphill battle in spat with Microsoft over Activision deal
Dec 9, 2022 · The Biden administration may struggle to convince a judge to stop Microsoft Corp's (MSFT.O) $69 billion bid for Call of Duty maker Activision.
[130]
FTC sues to block the $69 billion Microsoft-Activision Blizzard merger
Dec 8, 2022 · The FTC's complaint points to Microsoft's previous game acquisitions, especially of well-known developer Bethesda Softworks and its parent ...