UK blocks Microsoft's acquisition of Activision Blizzard

British regulators have blocked Microsoft's $69 billion deal to buy video game maker Activision Blizzard over worries that the move would stifle competition in the cloud gaming market.Wednesday that"the only effective remedy" to the significant loss of competition that the deal would result in"is to prohibit the Merger."

and Europe over concerns the deal would give Microsoft exclusive control of popular game franchises like Call of Duty."We remain fully committed to this acquisition and will appeal," President Brad Smith said in a statement. Activision also fired back, saying it would"work aggressively with Microsoft to reverse this on appeal."

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