Microsoft To Buy US Gaming Gaint Activision Blizzard For $ 69bn

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It is the largest takeover in Microsoft's 46-year history, making the Xbox maker the third-largest gaming company by revenue.

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Microsoft Corp said on Tuesday it would buy "Call of Duty" videogame maker Activision Blizzard for $68.7 billion in cash, the largest deal in the sector making the Xbox maker the third-largest gaming company by revenue.

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Microsoft's offer of $95 per share is at a premium of 45% to Activision's Friday close. Shares of Activision were up nearly 38% at $65.39 before being halted for news.

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Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms," Microsoft Chief Executive Officer Satya Nadella said in a statement

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Demand for video games has surged during the pandemic, as stuck-at-home consumers play more games to keep themselves entertained

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Activision's library of games such as "Call of Duty" and "Overwatch" also gives Microsoft's Xbox gaming platform an edge over Sony's Playstation, which has for years enjoyed a more steady stream of exclusive games.

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Bobby Kotick will continue to serve as CEO of Activision Blizzard

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