In a quite shocking turn of events, Microsoft has announced that they are in the process of buying Activision Blizzard at the sum of $68.7 billion.
With three billion people actively playing games today and fueled by a new generation steeped in the joys of interactive entertainment, gaming is now the largest and fastest-growing form of entertainment. Today, Microsoft Corp. announced plans to acquire Activision Blizzard Inc., a leader in game development and interactive entertainment content publisher. This acquisition will accelerate the growth in Microsoft’s gaming business across mobile, PC, console and cloud and will provide building blocks for the metaverse.
Activision Blizzard has had a rough couple of years, but now it looks like the tide might turn for the gaming giant. The deal will make Microsoft the world’s third-largest gaming company behind Tencent and Sony.
Activision CEO Bobby Kotick will remain in his current position for now as the company transitions. Whether or not he stays after the move is still unclear.
The Activision Blizzard stock is up 29% so far since the deal broke after hitting record lows in late 2021.