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Microsoft is buying Activision Blizzard in a $68.7 billion video game deal

 


Microsoft Corp said Tuesday it will buy Activision Blizzard, a video game publisher behind hits like “Call of Duty” and “World of Warcraft,” for $68.7 billion in cash.

If the deal goes through, it will be the biggest deal in the industry, making the Xbox maker the third-biggest games company by revenue behind Tencent and Sony.

Microsoft’s offer of $95 per share is at a 45% premium as of Friday’s close of Activisions. Activision shares rose nearly 38% to $65.39 before being halted for news.

“Gaming is the fastest growing and most exciting entertainment category on any platform today and will play a key role in the development of metaverse platforms,” ​​Microsoft Chief Executive Satya Nadella said in a statement.

Demand for video games has increased during the pandemic as consumers stuck at home are playing more games for entertainment.

The planned acquisition includes iconic franchises from Activision, Blizzard and King studios like Warcraft, Diablo, Overwatch, Call of Duty and Candy Crush, in addition to global esports businesses through Major League Gaming.

Activision’s library of games also gives Microsoft’s Xbox gaming platform an edge over Sony’s Playstation, which has enjoyed a more steady stream of exclusive games for years.

Bobby Kotick will continue as CEO of Activision Blizzard.

Last week, rival video game publisher Take-Two Interactive Software Inc announced that it would buy “FarmVille” creator Zynga in a cash and stock deal valued at around $12.7 billion. dollars, marking one of the largest industry-wide acquisitions of all time.

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