Activision Blizzard stockholders approve Microsoft buyout
Everything is coming together for Microsoft’s purchase of Activision Blizzard, but not everyone believes the deal will finalize.
On Thursday, more than 98 percent of Activision Blizzard stockholders voted in favor of the proposed acquisition. It still has to pass an investigation by the Federal Trade Commission (FTC), but if things work out, then the transaction should finalize on June 30, 2023.
“Today’s overwhelmingly supportive vote by our stockholders confirms our shared belief that, combined with Microsoft, we will be even better positioned to create great value for our players, even greater opportunities for our employees, and to continue our focus on becoming an inspiring example of a welcoming, respectful, and inclusive workplace,” Bobby Kotick, CEO of Activision Blizzard, said in a press release.
Not everyone fancies Microsoft’s proposal, as it might be a golden parachute for Kotick and others on Activision Blizzard’s board following months of turmoil at the company. Even now, new lawsuits and alleged case meddling from external parties are still rolling in.
However, Bloomberg reports that Wall Street is betting that the Biden administration’s antitrust enforcers could stop the buyout. The FTC’s investigation is led by Lina Khan, who’s been a staunch advocate of more thorough reviews of deals like this. Under Khan’s leadership, neither Nvidia’s acquisition of Arm Ltd. nor Lockheed Martin Corp.’s buyout of Aerojet Rocketdyne Holdings Inc went through.
Some analysts have been predicting this for months, especially since Activision Blizzard owns several massive multiplatform titles like Call of Duty: Modern Warfare 2, Diablo Immortal, and Overwatch 2. Though Xbox boss Phil Spencer said the company isn’t planning on making Call of Duty an exclusive.
Written by Kyle Campbell on behalf of GLHF.