homebusiness Newscompanies NewsIn largest deal in gaming industry, Microsoft will buy Activision Blizzard for $68.7 billion
In largest deal in gaming industry, Microsoft will buy Activision Blizzard for $68.7 billion
Activision's library of games such as "Call of Duty" and "Overwatch" also gives Microsoft's Xbox gaming platform an edge over Sony's Playstation, which has for years enjoyed a more steady stream of exclusive games. The Redmond giant also owns Bethesda Softworks, another industry veteran.
Microsoft Corp said on Tuesday it would buy "Call of Duty" videogame maker Activision Blizzard for $68.7 billion in cash, the largest deal in the sector making the Xbox maker the third-largest gaming company by revenue.
Microsoft's offer of $95 per share is at a premium of 45% to Activision's Friday close. Shares of Activision were up nearly 38% at $65.39 before being halted for news.
"Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms," Microsoft Chief Executive Officer Satya Nadella said in a statement.
Also Read
Demand for video games has surged during the pandemic, as stuck-at-home consumers play more games to keep themselves entertained.
Activision's library of games such as "Call of Duty" and "Overwatch" also gives Microsoft's Xbox gaming platform an edge over Sony's PlayStation, which has for years enjoyed a more steady stream of exclusive games.
Bobby Kotick will continue to serve as CEO of Activision Blizzard.
Last week, rival videogame publisher Take-Two Interactive Software Inc--which owns the wildly popular Grand Theft Auto studio Rockstar-- said it would buy "FarmVille" creator Zynga in an $11 billion cash-and-stock deal, marking one of the biggest industry-wide acquisitions of all time.
First Published: Jan 18, 2022 7:46 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP holds meeting in Delhi as polling underway for 5th phase
May 20, 2024 4:21 PM
UP Police arrests man after viral videos shows him voting multiple times
May 20, 2024 2:18 PM