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Independent developers would be harmed. Independent developers today have two principal options: PlayStation/PlayStation Plus and Xbox/Game Pass. By making Call of Duty exclusive to Xbox/Game Pass, the Transaction would tip demand for multi-game subscription services towards Xbox/Game Pass. As Microsoft foreclosed PlayStation/PlayStation Plus, it would likely become a critical distribution channel for independent developers. In that weakened negotiating position, independent developers would likely receive worse terms for their content from Microsoft or even be required to promise exclusivity in return for distribution, thereby diminishing independent developers’ ability and incentive to invest in high-quality new games. This, in turn, would also harm consumers even further.

Lol at the logics of Sony here, if the CMA buys that, they're either corrupt or biased for Sony/against MS

Independent developers today have two principal options:PlayStation/PlayStation Plus and Xbox/Game Pass

Sony purposefully ignoring the PC market, mobile market and the Switch which have become an awesome place for indies 1 2 3 4

In that weakened negotiating position, independent developers would likely receive worse terms for their content from Microsoft

They won't be able to if you don't reduce your own offering

even be required to promise exclusivity in return for distribution

That's your way of doing business Sony.

thereby diminishing independent developers’ ability and incentive to invest in high-quality new games.

You know if MS offering become that great for Indies you just have to improve your own maybe by offering better payout which would force MS to do the same.