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Among other things, there is absolutely no evidence that Activision content would put its content on these services without the deal. 

This should be a slam dunk in the Cloud arguments but CMA have said that Activision spoke about it once so it must mean they're going to do it in the future, Lol.

The injunction sought by the FTC would thus almost certainly scuttle the transaction.

Expected.

Moreover, there is no need for a preliminary injunction because the FTC could obtain effective relief at the end of the administrative process if it prevailed. Microsoft intends to operate Activision similarly to other recent acquisitions, whose studio and creative operations remained separate and continued to build games as they had done pre-acquisition. That means divestiture would be possible if it ever proved necessary. (Page 4)

Thought this was an interesting thing to point out, that if FTC does win in court in the distant future and then courts ordered Xbox to divest Activision-Blizzard it would be easy due to how they integrated them into their company, similar to recent acquisitions such as Zenimax/Bethesda.

Epic Games" valuation has increased from $1 billion in 2012 to over $30 billion

Cool stat.

Although this means Xbox loses revenue on the sales of individual game titles, Xbox believes that Game Pass will ultimately prompt subscribers to engage with a variety of games and spend more overall.

Variety!

Gameplay is balky, and it has proved hard to generate consumer demand or consistent profits. Here too, REDACTED. Likewise, Sony Group's CEO has admitted that cloud gaming faces substantial "technical difficulties" and is "very tricky" from both a financial and technological standpoint."

Lmao.