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the-pi-guy said:

If one was expecting the deal to be outright blocked, then this is great news.

If one was expecting the deal to go through with no concessions, this is bad news. 

If one was undecided about what to expect, then this doesn't really mean much. Not much has actually changed. The deal could still go through with CoD (provided that MS/Activision can convince the CMA probably with access remedies even greater than what they were promising before). The biggest thing that has changed is the greater chances that the deal might go without CoD.  

This is probably completely crazy, but it'd be interesting if CoD got spun off on it's own, and got partially owned by a couple different parties.  

I would say that if CMA wanted to block it, then they would, and they'd be little that Microsoft could do about it, the fact that they are giving Microsoft a little chance is better than a block but structural remedies are an extreme ask and they basically leave the decision on Microsoft.

I definitely expected concessions but not structural ones.

If CMA does accept behavioural then lets just go with 15-20 years, Lol. I don't really care, I never expected CoD to be exclusive.

The spinoff idea is interesting, actually now that you say it, I've been thinking about only one party but I didn't consider multiple taking a stake in it.