Activision Blizzard stock jumped on Tuesday after a federal judge ruled that Microsoft could proceed with its $69 billion deal to buy the video game publisher. The ruling from US District Judge Jaqueline Scott Corley said that the FTC had not provided evidence for its claim the merger would hurt competition in the gaming industry. She said the deal would in fact enhance access to popular game franchises like"Call of Duty" and other titles published by Activision.
Microsoft has said it doesn't intent to do this, but critics point to the firm's $11 billion takeover of Zenimax in 2021. The decision that the deal can proceed is a blow to the FTC and the Biden administration, which has sought to curtail mega-mergers that it says harm competition and are bad for consumers. The deal can now proceed before a hearing that the FTC had scheduled for August, in which it was set to challenge the merger.
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