The UK’s Competition and Markets Authority (CMA) consented to Microsoft’s Activision Blizzard acquisition on 13 October 2023—but only after the deal was restructured so Microsoft would not acquire Activision’s specified cloud-streaming rights outside the European Economic Area (EEA). Those rights had to be sold to Ubisoft before the merger could complete. The CMA’s decision was therefore approval of a revised transaction, not clearance for Microsoft to acquire all of Activision’s cloud-streaming rights.
What the CMA approved
The CMA’s 13 October 2023 decision gave consent to a revised Microsoft–Activision Blizzard transaction, subject to a required prior sale of certain cloud-streaming rights. In the revised structure, Microsoft acquired Activision Blizzard excluding Activision’s non-EEA cloud-streaming rights. The CMA’s consent decision and case record set out the approval and its conditions.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
|
Activision/Blizzard-Ice Age: Dawn Of The Dinosaur | $54.95 | Buy on Amazon |
| 2 |
|
Activision/Blizzard-Dj Hero 2 Software | $9.95 | Buy on Amazon |
| 3 |
|
Activision/Blizzard-Cabela's Dangerous Hunts 2011 Software | $52.12 | Buy on Amazon |
| 4 |
|
Transformers Fall of Cybertron | $179.99 | Buy on Amazon |
| 5 |
|
Call Of Duty 9 Black Ops II Game Classics (Xbox 360) (Renewed) | $34.00 | Buy on Amazon |
The headline $68.7 billion figure was the value of the original proposed acquisition, as described by the CMA in April 2023; it was not the value of Ubisoft’s rights purchase. The CMA’s April announcement also marked the CMA’s decision to prohibit the original proposal.
Why the original proposal was blocked
On 26 April 2023, the CMA prohibited the original deal because it concluded that Microsoft’s acquisition of Activision could harm competition in cloud gaming. The regulator was concerned that Microsoft could use Activision’s games to strengthen its position and weaken rivals as cloud gaming developed. It named Call of Duty, Overwatch and World of Warcraft as examples of relevant games. That was the CMA’s assessment of competitive risks, not a finding that a particular later market outcome had occurred.
Free tools Windows power users keep installed
One-click scans. No signup required.
#1 Best Overall
The concern mattered to the regulator because cloud gaming lets people stream games rather than rely on a local copy running on their own hardware. The CMA said UK monthly active users of cloud gaming more than tripled between the start of 2021 and the end of 2022. In April 2023, it also forecast that the global cloud-gaming market could be worth up to £11 billion and the UK market up to £1 billion by 2026. Those figures were the CMA’s historical user estimate and forecasts at the time, not measurements of 2026 results.
How the revised deal and Ubisoft remedy differed
After the original proposal was blocked, Microsoft and Activision submitted a restructured transaction in August 2023 for a fresh review. The revised arrangement separated the specified non-EEA cloud-streaming rights from the acquisition. Immediately before completion, those rights were to be sold to Ubisoft. The CMA’s accepted-undertakings decision describes the rights and the required transfer.
| Issue | Original proposal | Revised transaction |
|---|---|---|
| Microsoft’s cloud-streaming rights | The proposed acquisition included Activision’s cloud-streaming rights. | Microsoft’s acquisition excluded Activision’s specified non-EEA cloud-streaming rights. |
| Geography | No non-EEA exclusion was part of the original proposal described by the CMA. | The rights transferred to Ubisoft concerned territories outside the EEA; the CMA’s described transfer did not cover the EEA. |
| Games and duration | No Ubisoft rights transfer formed part of the original proposal. | The CMA described Ubisoft’s rights as covering current and future Activision PC and console games, including titles released over the following 15 years. |
| Regulatory outcome | Prohibited by the CMA on 26 April 2023. | Consented to by the CMA on 13 October 2023, conditional on the rights sale completing before the merger. |
The scope is important: the remedy was for specified cloud-streaming rights outside the EEA, not every Activision game right in every territory. The CMA said Ubisoft could license the covered content to cloud-gaming providers under business models of its choosing. Its September explanation described the proposed remedy, while the October release accompanied the final consent.
Key dates in the approval process
- January 2022: Microsoft entered into the proposed acquisition, valued at $68.7 billion in the CMA’s April 2023 account.
- 26 April 2023: The CMA prohibited the original proposal over cloud-gaming competition concerns.
- August 2023: Microsoft submitted a restructured transaction that excluded the non-EEA cloud-streaming rights from the acquisition.
- 22 September 2023: The CMA announced its provisional view that the revised deal and proposed remedy addressed its concerns, and consulted on the remedy.
- 13 October 2023: The CMA accepted undertakings and consented to the revised acquisition, subject to the required rights sale before completion.
What the decision means—and does not mean
The CMA’s October release summarized its position this way: “The new deal for Microsoft to buy Activision without cloud gaming rights has been cleared after the CMA concluded it would preserve competitive prices and better services.” That was the regulator’s conclusion at the time. It should not be read as independent evidence that prices or service quality later changed in a particular way.
For the transaction, the practical distinction is control: Microsoft could acquire Activision Blizzard, but the specified non-EEA cloud-streaming rights were carved out for transfer to Ubisoft before completion. The CMA viewed that arrangement as addressing the cloud-competition concern that had led it to block the original proposal. The decision alone does not establish which providers later licensed particular titles or what catalogues are currently available.
Quick Recap
Best Value
- Futuristic missions give you new weapons and scenarios to get to grips with The CLAW is a Cognitive Land Assault
- Weapon that can be utilised as an in-game vehicle Call of Duty: Black Ops II is a new story with elements and characters from previous games
- The non-linear storyline will see you battling during a futuristic Cold War, as well as tackling flashbacks from historical missions and playing as various members of the Mason family. Every decision you make during this story will affect future consequences, giving you a different experience every time you play
- Alongside the epic Campaign and branching story is the all-new Multiplayer mode. New maps, new game-styles and new perks make this the most engaging Multiplayer yet
- Zombies Mode also makes a comeback with a series of challenging maps and missions that enable you to fight off the dead in even more ways.
Rank #4
- Transformers Fall of Cybertron
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
