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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteThe UK’s Competition and Markets Authority (CMA) consented to Microsoft’s revised acquisition of Activision Blizzard on 13 October 2023—but not to the original deal as proposed. The approval was conditional on Activision’s specified cloud-streaming rights outside the European Economic Area (EEA) being sold to Ubisoft before the merger completed. Microsoft acquired Activision Blizzard without those non-EEA rights.
What did the CMA approve?
The CMA approved a restructured transaction after prohibiting Microsoft’s original proposal in April 2023. The original proposal would have put Activision Blizzard’s cloud-streaming rights under Microsoft’s control. In August, Microsoft submitted a revised transaction that excluded Activision’s non-EEA cloud-streaming rights. On 13 October, the CMA accepted the required undertakings and consented to the revised acquisition, subject to the rights sale taking place before completion. The regulator’s case page records the review sequence; its consent decision sets out the final condition.
| Issue | Original proposal | Restructured transaction |
|---|---|---|
| Cloud-streaming rights | Microsoft would acquire Activision Blizzard with its cloud-streaming rights. | Microsoft’s acquisition excluded Activision’s specified cloud-streaming rights outside the EEA; those rights had to be sold to Ubisoft before completion. |
| Geographic scope of the rights remedy | No Ubisoft rights transfer formed part of the original proposal. | The transferred rights covered territories outside the EEA, not every territory. |
| Regulatory outcome | The CMA prohibited the proposal on 26 April 2023. | The CMA consented on 13 October 2023, conditional on the prior rights sale. |
How did Ubisoft fit into the deal?
Immediately before the acquisition completed, Activision’s specified cloud-streaming rights outside the EEA were to be sold to Ubisoft. The CMA described the rights as covering current and future Activision PC and console games, including games released during the following 15 years. That scope does not mean Ubisoft received all Activision rights in all territories. The CMA’s accepted-undertakings decision details the transfer. In its September explanation, the CMA said Ubisoft could license the content to cloud gaming providers using business models of its choosing.
Why did the UK block the original deal?
The CMA’s central concern was that Microsoft could use Activision’s games to strengthen its position and weaken competition in cloud gaming. Its April announcement named Call of Duty, Overwatch and World of Warcraft as examples of relevant games. The regulator said cloud gaming could give players new ways to access games without relying on a console, and that control of Activision’s content could make it harder for competing services to attract users.
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The CMA said UK monthly active users of cloud gaming more than tripled between the start of 2021 and the end of 2022. It also published forecasts in April 2023 that the global market could be worth up to £11 billion, and the UK market £1 billion, by 2026. Those figures were historical usage data and forecasts at the time, respectively—not observed 2026 results. The CMA’s stated concerns and assessment appear in its April decision announcement.
The remedy changed who controlled the specified streaming rights outside the EEA. The CMA concluded that this would preserve competition as cloud gaming developed. That was the regulator’s assessment when it approved the revised deal, not proof of a particular later market outcome. In its 13 October announcement, the CMA said the deal “would preserve competitive prices and better services.”
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What happened, and when?
- January 2022: Microsoft entered into the proposed acquisition, which the CMA later described as worth $68.7 billion.
- 26 April 2023: The CMA prohibited the original proposal, citing cloud-gaming competition concerns.
- August 2023: Microsoft submitted a restructured transaction excluding Activision’s non-EEA cloud-streaming rights.
- 22 September 2023: The CMA announced its provisional view that the revised transaction and proposed remedy addressed its concerns, while consulting on the remedy.
- 13 October 2023: The CMA accepted the undertakings and consented to the revised acquisition, conditional on the required rights sale before completion.
The $68.7 billion figure is the CMA’s description of the original transaction’s value; it is not the value of the Ubisoft rights transfer.
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