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Xbox chief Phil Spencer sent an internal memo to Microsoft employees discussing the Activision Blizzard deal restructuring. He praises Sarah Bond's "exceptional leadership" and says the CMA review process should complete by deal deadline. Full memo here: https://t.co/SlAumSTPJ9
— Tom Warren (@tomwarren) August 22, 2023
Team,
Today, we’re taking another important step regarding our proposed acquisition of Activision Blizzard. To address the concerns about the impact of the proposed acquisition on cloud game streaming raised previously by the UK Competition and Markets Authority, we are modifying the transaction to acquire a narrower set of rights. This includes executing an agreement effective at the closing of our merger that transfers the cloud streaming rights for all current and new Activision Blizzard PC and console games released over the next 15 years to Ubisoft. Under the modified transaction, Microsoft will obtain those cloud streaming rights for Activision Blizzard games necessary to fulfill our commitments to the European Commission and under our existing streaming agreements.
We have notified the modified transaction to the CMA and we anticipate that the CMA review processes can be completed before the 90-day extension in our acquisition agreement with Activision Blizzard expires on October 18. You can read more about this important step in this blog post from our Vice Chair and President Brad Smith.
Thank you to everyone who has devoted their time and energy in support of our acquisition. I would like to specifically call out Sarah Bond’s exceptional leadership throughout this process.
And as we continue to navigate the review process with the CMA, we remain as committed as ever to bringing the incredible benefits of the acquisition to players, creators, and the industry. Today’s developments move us one step closer to bringing the joy of gaming to everyone on the planet.
Phil
