Microsoft has completed its acquisition of gaming industry giant Activision Blizzard.
Activision Blizzard is one of the most renowned game developers and publishers in the industry, responsible for franchises including Call of Duty, World of Warcraft, Overwatch, Diablo and StarCraft.
Microsoft paid $68.7 billion to buy the company. "Microsoft will acquire Activision Blizzard for $68,7 per share in an all-cash transaction valued at $95,00 billion, including Activision Blizzard's net cash," Microsoft said in a press release today.
With this acquisition, Microsoft will become the world's third-largest company in terms of revenue, after Chinese multinational technology and entertainment conglomerate Tencent and Japanese tech giant Sony.
Microsoft Gaming CEO Phil Spencer doesn't hide his enthusiasm for the transaction, underscoring the importance of Activision Blizzard. “Gamers everywhere love Activision Blizzard games,” he said. “Together we will build a future where people can play the games they want, almost anywhere.”
The news emerged following reports that Bobby Kotick, CEO of Activision Blizzard, withheld information during workplace misconduct. The company has been at the center of the controversy due to reports of sexual harassment and other abuse that have been reported to have occurred over the past decade.
Despite this, according to Microsoft, Bobby Kotick will remain the CEO of Activision Blizzard. “He and his team will continue to focus efforts on further strengthening the company's culture and accelerating business growth,” Microsoft said.
But the Activision Blizzard business will “report” to Phil Spencer.
