FTC drops case over Microsoft's $69 billion Activision Blizzard deal
The U.S. Federal Trade Commission dropped a case that sought to block Microsoft's $69 billion purchase of 'Call of Duty' maker Activision Blizzard, saying on Thursday that pursuing the case against the long-closed deal was not in the public interest.
FTC Chairman Andrew Ferguson is seeking to use the agency's resources for cases that fit with President Donald Trump's agenda, such as a probe related to whether advertisers colluded to spend less on X first reported by Reuters on Thursday.
Ferguson is beginning to shut down some efforts started by his predecessor Lina Khan, including dropping a case on Thursday that had accused PepsiCo of price discrimination that favored Walmart.
The FTC lost an appeal on May 7 seeking to reverse a judge's decision declining to block the Microsoft-Activision deal, which closed in 2023.
Microsoft President Brad Smith said on Thursday that the FTC's decision to drop the case was 'a victory for players across the country and for common sense in Washington, D.C.'
When challenging a new merger, the FTC typically asks a judge to temporarily block the deal to give the agency time to challenge it in its own administrative court. But deals that are temporarily blocked are often abandoned.
Though the FTC lost its case seeking to block the deal temporarily, the agency could have sought to unwind the acquisition at a trial that was scheduled for July.
The Activision Blizzard transaction marked the largest-ever acquisition in the video gaming market. The FTC claimed the tie-up would allow Microsoft to fend off competitors to the Xbox console and to its subscription and cloud-based gaming business.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
40 minutes ago
- Indian Express
Top 10 countries by AI talent concentration in 2024-25: Where does India stand?
Top 10 countries with highest AI talent in 2024-25: The 2024 Work Trend Index from LinkedIn and Microsoft revealed that 66% of organisational leaders now say they would not consider candidates without AI skills, while 71% prefer less experienced talent with AI expertise over more seasoned professionals without it. With the rising adoption of AI, the Stanford AI Index Report 2025 and LinkedIn revealed countries leading in AI talent concentration via the share of professionals with AI-related skills or job roles. Israel leads the rankings with its AI talent concentration, accounting for 1.98% of its workforce, and Singapore follows next with AI talent making up 1.64% of its workforce. This might be driven by significant AI-driven investments over the last decade, as, according to the same report, Israel, at 5th position, has made a total private investment of $15.0 billion, and Singapore, at 10th, has invested $7.3 billion in AI. The top six countries in the 2024 rankings remain unchanged; notably, Ireland rose four places up to rank 7th, whereas South Korea fell three places to stand at 10th in 2024. Source: LinkedIn 2024 | Stanford AI Index 2025 Report As of 2024, India was unable to make it to the cut of the top 15 countries with the highest concentration of AI talent, however, it showcases a 252% increase, placing it on top globally in terms of percentage change in AI talent concentration. With $1.16 billion in private AI investments in 2024 and $11.29 billion in total private AI investments from 2013 to 2024, India is making significant investments in private funding for AI globally. Cherry Gupta is an Assistant Manager - Content at The Indian Express. She is responsible for crafting compelling narratives, uncovering the latest news and developments, and driving engaging content based on data and trends to boost website traffic and audience engagement. One can connect with her on LinkedIn or by mail at ... Read More
News18
40 minutes ago
- News18
US Resumes Harvard Student Visas After Judge Blocks Trump Ban
Last Updated: The Trump administration had justified the student visa ban on national security grounds, but Harvard countered that it was being targeted for resisting White House. The US State Department has directed all American embassies and consular sections worldwide to resume processing student and exchange visitor visas for Harvard University, following a federal judge's decision to temporarily block President Donald Trump's ban on foreign students at the Ivy League institution. In a diplomatic cable dated June 6 and signed by Secretary of State Marco Rubio, the State Department said the revised instructions were issued 'in accordance with" the temporary restraining order granted by US District Judge Allison Burroughs in Boston. The judge blocked the Trump administration's proclamation from taking effect while further legal proceedings continue. The Trump administration had justified the student visa ban on national security grounds, but Harvard countered that it was being targeted in retaliation for resisting White House efforts to exert control over the university's governance, curriculum, and campus ideology. The diplomatic cable also noted that other visa requirements remain unchanged, including enhanced social media vetting and review of applicants' online presence. The State Department declined to comment on the internal communication when approached. This legal battle is part of a broader standoff between the Trump administration and Harvard, which has also seen funding freezes and proposals to revoke the university's tax-exempt status, escalating tensions between the federal government and one of the country's most prestigious academic institutions.
Time of India
an hour ago
- Time of India
Most markets extend gains as China-US talks head into second day
AI generated image showing a rising stock market graph against blurred US and Chinese flags, symbolizing positive trade talk outcomes. Stocks mostly rose Tuesday as the latest round of China-US trade talks moved into a second day, with one of Donald Trump 's top advisers saying he expected "a big, strong handshake". There is optimism the negotiations -- which come after the US president spoke to Chinese counterpart Xi Jinping last week -- will bring some much-needed calm to markets and ease tensions between the economic superpowers. This week's meeting in London will look to smooth relations after Trump accused Beijing of violating an agreement made at a meeting of top officials last month in Geneva that ended with the two sides slashing tit-for-tat tariffs. The key issues on the agenda at the talks are expected to be exports of rare earth minerals used in a wide range of things including smartphones and electric vehicle batteries. "In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on Monday. But even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he added. Still, he said he expected "a big, strong handshake" at the end of the talks. "Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett added. He also said the Trump administration might be willing to ease some recent curbs on tech exports. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 'It Runs While I Sleep' – The AI Side Hustle Sweeping Australia TApp Read Now Undo The president told reporters at the White House: "We are doing well with China. China's not easy. "I'm only getting good reports." After a strong start, Asian markets stuttered in the afternoon, though it was not immediately clear what had prompted the step back. Tokyo, Sydney, Seoul, Wellington, Taipei, Mumbai, Bangkok and Jakarta rose but Hong Kong and Shanghai pared their initial rallies as investors grew nervous ahead of the resumption of the talks. Singapore and Manila also slipped. London and Paris opened higher but Frankfurt was slightly lower. "The bulls will layer into risk on any rhetoric that publicly keeps the two sides at the table," said Pepperstone's Chris Weston. "And with the meeting spilling over to a second day, the idea of some sort of loose agreement is enough to underpin the grind higher in US equity and risk exposures more broadly." Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy amid warnings Trump's tariffs will refuel inflation strengthening the argument to keep interest rates on hold. However, it also faces pressure from the president to cut rates, with bank officials due to make a decision at their meeting next week. While recent jobs data has eased concerns about the US economy, analysts remain cautious. "Tariffs are likely to remain a feature of US trade policy under President Trump," said Matthias Scheiber and John Hockers at Allspring Global Investments. "A strong US consumer base was helping buoy the global economy and avoid a global recession." However, they also warned: "The current global trade war coupled with big spending cuts by the US government and possibly higher US inflation could derail US consumer spending to the point that the global economy contracts for multiple quarters." - Key figures at around 0715 GMT - Tokyo - Nikkei 225: UP 0.3 percent at 38,211.51 (close) Hong Kong - Hang Seng Index: DOWN 0.2 percent at 24,142.25 Shanghai - Composite: DOWN 0.4 percent at 3,384.82 (close) London - FTSE 100: UP 0.3 percent at 8,858.21 Euro/dollar: DOWN at $1.1397 from $1.1420 on Monday Pound/dollar: DOWN at $1.3497 from $1.3552 Dollar/yen: DOWN at 144.58 yen 144.60 yen Euro/pound: UP 84.43 from 84.27 pence West Texas Intermediate: UP 0.2 percent at $65.41 per barrel Brent North Sea Crude: UP 0.2 percent at $67.20 per barrel New York - Dow: FLAT at 42,761.76 (close)
