2023-05-03 09:14:00
The planned billion-dollar takeover of the video game manufacturer Activision Blizzard by Microsoft was recently blocked by competition authorities in Great Britain. The Competition and Markets Authority, called the CMA, refused to approve the deal.
Microsoft and Activision are opposing this decision. Many people assumed that this was a non-appealable authority. CEO Bobby Kotick spoke to “CNBC” regarding the situation.
If the takeover by Microsoft fails, Activision Blizzard will still receive a $3 billion breakup fee. Kotick says, “Our focus right now is on closing the deal, which I think is in the interest of the industry and the competition.”
“If we don’t manage to do that, we’ll be sitting on regarding $18 billion in cash by the end of the year,” he continues. “If you look at our 30-year history, we have used capital very well for the benefit of our shareholders. We will continue to do so.”
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