Microsoft announced the acquisition of game developer and publisher Activision Blizzard for $68.7 billion. The company said the deal would provide “building blocks for creating a metaverse.”
When Candy Crush and CoD become your actual job. Microsoft x Activision Blizzard. 🎮❤️📱https://t.co/nw4cLoaoTB pic.twitter.com/QPGt9DC2jF
— Microsoft (@Microsoft) January 18, 2022
“Video games are today the most dynamic and exciting category of entertainment across all platforms. They will define the development of metaverses. We will invest substantial funds in world-class content, community and cloud computing to usher in a new era where gamers and game creators are put first,” said Microsoft CEO Satya Nadella.
Microsoft bought Activision Blizzard shares at $95 per share. The deal’s value was almost $20 billion higher than the latter’s market capitalization at the time of the announcement. The deal is expected to close by June 30, 2023.
The companies will continue to operate independently of each other. However, Activision Blizzard will report to Phil Spencer as head of Microsoft Gaming.
In an open letter to employees, Activision Blizzard CEO Bobby Kotick noted that the two companies working together would be better positioned to compete with other players in the market for leadership as the metaverse evolves.
Kotick confirmed that he would remain the company’s chief executive. He has held the post since 1991.
Earlier, Microsoft founder Bill Gates said that in two to three years most virtual meetings will take place in metaverses.
Earlier, in December 2021, the video game publisher Ubisoft announced the launch of the Quartz platform’s beta version, designed for trading in-game items in NFT format.
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