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Soundwave said:

MS should just take a few billion and make a deal for COD alone. Day 1 Game Pass, maybe a few months exclusivity every year or something like that. Really the rest of Activision is not worth that much, Starcraft/Warcraft were huge in their hey day, but that's long since passed.

There's nothing a regulator can do about that and it's probably a lot cheaper than spending $70 billion freaking dollars.

By actually owning the IP they make all the profit from it though. By paying for exclusivity etc. they'd probably be losing money. They may gain from console sales/gamepass subscribers, but it'd be impossible to see if they're actually gaining those due to the exclusivity deal so for all intents and purposes it would look like a loss with people just saying "trust me, it isn't".

Owning it they make 100% of the profit from every single sale of the game and every single DLC or microtransaction sale. They're not restricted to the 30% platform holder cut and they're not relying solely on hardwaresubscriptions to make it profitable. It's much easier to benefit from the untrackable metrics when the product is profitable even without them.

Oh, and don't forget Blizzard have Overwatch and Diablo still. They're still absolutely massive IPs that can generate a tonne of money.