The FTC's appeal against the ruling on Microsoft's $68.7 billion acquisition of Activision Blizzard has been denied. Initially, the FTC sought an injunction to prevent the merger during ongoing legal challenges, claiming it would lessen competition. Despite these concerns, a district court ruled against the FTC, and the appeal reinforced this decision. The acquisition ultimately completed in October 2023, with the court stating the FTC failed to demonstrate a likelihood of success. The merger remains under scrutiny in a separate administrative proceeding of the FTC.
With control of Activision's content, Microsoft would have the ability and increased incentive to withhold or degrade Activision's content in ways that substantially lessen competition - including competition on product quality, price, and innovation.
Given the FTC's failure to make an adequate showing as to its likelihood of success on the merits as to any of its theories, the district court properly denied the FTC's motion for a preliminary injunction on that basis.
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