Microsoft has recently announced it has signed multiple 10-year deals to bring Xbox games on PC to three cloud streaming services - Nvidia's GeForce Now, Boosteroid, and Ubitus. The FTC pointed to Microsoft's record of acquiring and using gaming content to suppress content from rival consoles, including its acquisition of the parent company of Bethesda Softworks, ZeniMax Media.
The deal is not only the largest in Microsoft history, but also the largest in the video game industry as a whole. The US Federal Trade Commission (FTC) in December 2022 announced it had sued to block Microsoft's acquisition of Activision Blizzard claiming the deal would give Microsoft the ability to suppress its competitors in gaming. Microsoft has submitted remedies to the European Union regulator, the European Commission, which has a deadline of May 22 for its final decision. Harding-Rolls added, "Next up is the EU decision on the deal towards the end of May and the FTC administrative court action at the beginning of August." So, we could be looking towards the end of the year if everything goes in favour of Microsoft and Activision to close the deal." "If the appeal is successful it is then returned to the CMA to review which again will take some time. "According to the Competition Appeal Tribunal site, straightforward cases are aimed to be dealt with within nine months but often take at least a few months.
"Historically, a majority of CMA appeals have been unsuccessful but there is still a chance this can be overturned," said Harding-Rolls. Harding-Rolls did say the CMA blocking the deal is "clearly a blow to Microsoft and Activision and their efforts to get the acquisition over the line."
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"Microsoft will agree to this condition subject to an appeal: should it prevail, it captures full value from the acquisition should it fail, it captures most of the value, but its prospects for Game Pass growth in the UK (a low percentage of global GDP) will be limited due to a lower amount of content available on the service." “We expect that this will be sufficient for the CMA to rule the merger acceptable on the condition that Activision titles are not available on Game Pass. "It can separate Game Pass UK from Game Pass elsewhere, either by creating a separate entity in the UK that can easily be monitored by the CMA or by an appointed third party, or by merely managing the UK business separately,” he wrote. Pachter added that if the appeal proves unsuccessful, Microsoft could still get the CMA approval if it agrees to keep Activision Blizzard games off of Xbox Game Pass in the UK.
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"However, we firmly believe that Microsoft is willing to concede maintaining pricing at $15 per month plus inflation, and we believe the CMA will reverse its position if Microsoft makes that offer." We think that the CMA’s belief is correct, and Microsoft erred in not addressing this issue before the CMA’s ruling. "Ultimately, the ruling hinges on the CMA’s belief that Microsoft will have pricing power due to its market dominance in cloud gaming. "While successfully appealing a CMA decision is a difficult task for several reasons, we think the CMA is on the wrong side of the law on this ruling, and believe its concerns can be addressed," said Pachter. Pachter said the CMA blocking deal had thrown "a wrench into the process, but the deal isn't dead." Wedbush Securities managing director of equity research Michael Pachter and Ampere Analysis research director of games Piers Harding-Rolls in statements send to VideoGamesChronicle claim that despite the UK regulator blocking the deal there is still a chance the deal passes. Microsoft and Activision Blizzard plan on appealing the decision. The UK regulator, Competition and Markets Authority (CMA), today announced it decided to block Microsoft’s $67.8 billion acquisition of Activision Blizzard over concerns with cloud gaming. By William D'Angelo, posted on 26 April 2023 / 4,732 Views
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