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Ryuu96 said:

Activision ticked down 0.5% amid a report that Microsoft's offer of a 10-year guarantee for same-day Call of Duty release on the PlayStation console is unlikely to accepted by Sony as the software giant works to secure regulatory approve for the videogame mega deal.

The Microsoft offer likely doesn't address all of Sony's concerns, according to a Dealreporter item, which cited a source familiar. Sony is said to be "nowhere near" concluding any agreement with Microsoft.

Activision Stock Ticks Lowers Amid Report Sony Unlikely to Accept Microsoft Offer | Seeking Alpha

I have an alternative story they could run.

"Sony, like Gabe Newell (Valve), do not expect that they'll need a written agreement from MS in order to get continued access to Call of Duty. Jim Ryan trusts that Phil Spencer is a man of his word, and as such, doesn't feel it's worth his time to hash out a bunch of official paperwork. Meanwhile, in unrelated news, Mr. Ryan is believed to be pursuing a long-distance relationship with Lina M. Khan, head of the FTC. Sources say they're playing it off as negotiations, and objections over Microsoft's planned takeover of ABK, but the truth is they're merely trying to avoid a personal scandal, as Ms. Kahn is married, and currently with child. 

We've reached out, but the involved parties have declined to comment at this time."