There should be some anti-monopoly action, but they are going to get away with it, since they still have some major competition from companies like Sony, Nintendo, Apple and Google (Activision was a mobile giant, so now MS is). They can point out they still have a bigger chunk of the gaming pie and say they are not doing anything illegal.
And no, I don't want Nintendo or Sony to buy other big studios either. Just let 3rd parties be 3rd parties, we get a healthier gaming market that way.