The Federal Trade Commission has filed an antitrust lawsuit in a bid to block Microsoft's planned $68.7 billion takeover of Activision Blizzard. The FTC started looking into the deal and its potential impact on the video game market soon after it was announced in January. Evidently, the agency was concerned enough to pump the brakes on the buyout.

The FTC's commissioners voted in favor of the lawsuit along party lines. The commission's three Democratic approved it and the Republican Commissioner Christine S. Wilson voted against it.

While the lawsuit doesn't necessarily kill the deal, it's unlikely to be resolved by July, as Politico, which had reported that an FTC bid to block the merger was likely, recently noted. That was the deadline Microsoft and Activision set for closing the deal. If the acquisition hasn't closed by then, the companies will have to renegotiate the agreement or even walk away from the merger. Regulators in other jurisdictions have been taking a close look at the deal, including in the UK and the European Union (which should complete its investigation by late March). 

Sony is the merger's most prominent opponent. It has expressed concern that Microsoft would make games such as Call of Duty exclusive to Xbox platforms (which could cost Sony hundreds of millions of dollars a year). However, Microsoft has said it wants to keep Call of Duty on PlayStation and it claims to have offered Sony a 10-year agreement to that effect.

Just ahead of the FTC's anticipated vote, Microsoft said it struck a deal with Nintendo to bring Call of Duty games to the company's systems if the merger closes. Call of Duty will also remain on Steam as part of a separate pact with Valve.

Microsoft and Activision have been downplaying the significance of the deal in an attempt to appease regulators and push it through. For one thing, Microsoft has claimed that Sony has more exclusive games, "many of which are better quality," in a filing with the UK's Competition and Markets Authority (CMA). It also said Activision Blizzard doesn't have any "must-have" games, despite having some of the most popular titles in the world (including Call of Duty: Modern Warfare II, Overwatch 2 and World of Warcraft) under its umbrella.

That said, Microsoft has suggested that the acquisition the deal is more about gaining a foothold in the mobile gaming market, where Activision's King division is a major player. For instance, Candy Crush Saga has had more than 3 billion downloads.

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If you want to keep using Disney+ at the same price you've been paying each month since March last year, you'll need to put up with some ads starting today. The Disney+ Basic plan is now live and it costs $8 per month. To keep using the streaming service without ads, you'll need to pay $11 per month, which marks an increase of $3. That's now called the Premium plan and an annual membership costs $110.

Unlike Netflix's ad-supported plan, Disney+ Basic offers access to the platform's full library as well as high-quality streaming in 4K, Dolby Vision and the IMAX Enhanced format. The Netflix's Basic with Ads plan, which went live last month, costs $7. It limits streams to a resolution of 720p and some titles aren't available. However, neither company's ad-supported plan includes offline viewing. Disney+ Basic currently lacks other features that are available to Premium subscribers, including GroupWatch, SharePlay and Dolby Atmos.

Disney does offer some streaming bundles. For $10 per month, you'll get access to Disney+ Basic and Hulu with Ads. You'll pay $6 less per month than you would by subscribing to them individually. If you want to include ESPN+ in your bundle, there are three options. If you don't mind dealing with ads on all three services, you can subscribe to them for $13 per month. For an extra $2 per month, Disney+ will ditch the ads. For access to ad-free versions of all three streaming services, you'll pay $20 per month.

Disney announced the price changes before it canned former CEO Bob Chapek and brought back Bob Iger, who oversaw the Disney+ launch as well as the takeovers of Fox studios and cable channels, Pixar, Marvel and LucasFilm. Although the total number of Disney+, Hulu and ESPN+ subscriber numbers rose to 235 million under Chapek's watch, the company has dealing with some business difficulties.

Disney lost $1.5 billion on the streaming side of the business last quarter, more than doubling the operating loss of $630 million from the same quarter in 2021. It attributed the steeper loss to higher production and technology costs, as well as greater marketing expenses. The introduction of the ad-supported plan and Premium price hike could help to make the streaming business profitable, though consumers may have to give the company more of their money or time to do so.

Microsoft vows to bring Call of Duty to Nintendo and to continue making it available on the latter's consoles for 10 years if its Activision Blizzard acquisition pushes through. Phil Spencer, Microsoft Gaming's CEO, has announced the company's commitment on Twitter, adding that "Microsoft is committed to helping bring more games to more people — however they choose to play." Spencer previously said during an interview that the company intends to treat Call of Duty like Minecraft that's available across platforms and that he would "love to see [the game]" on the Switch. A 10-year commitment potentially means that the franchise will also be released for the current Switch's successors. 

In addition, Spencer has announced on Twitter that Microsoft will continue to offer CoD on Steam, alongside the Xbox, after the deal is closed. As The New York Times says, this announcement could be a move to appease the Federal Trade Commission and to get regulators on their side. The publication says the FTC is expected to discuss the acquisition in a closed-door meeting on Thursday, where the agency will decide whether to take steps to block the deal. 

A recent report by Politico claimed that Microsoft failed to convince the FTC staff reviewing the acquisition with its arguments and that the commission will likely file an antitrust lawsuit to block it as soon as this month. The FTC is reportedly concerned the purchase would give Microsoft an unfair advantage and that it would reduce competition in the market. 

In an opinion piece written for The Wall Street Journal, Microsoft President Brad Smith defended the acquisition and argued that it's good for gamers. FTC suing to block the deal "would be a huge mistake," he said, and would hurt competition in the industry instead. Smith also said that Microsoft offered Sony, the loudest dissenting voice to the merger, a 10-year contract ensuring all new CoD releases would be available on the PlayStation the same day they go out for the Xbox. "We're open to providing the same commitment to other platforms and making it legally enforceable by regulators in the US, UK and European Union," he wrote. Whether these efforts are enough to assure regulators that the purchase wouldn't be detrimental to the industry remains to be seen. 

DoorDash says it is laying off around 1,250 employees in the latest instance of belt tightening at a well-known tech company. CEO Tony Xu wrote in a note to employees that DoorDash sped up hiring during the COVID-19 pandemic to catch up with its growth, since the company was actually undersized as of early 2020. Most of DoorDash's investments are said to be paying off. However, Xu noted that "while we’ve always been disciplined in how we have managed our business and operational metrics, we were not as rigorous as we should have been in managing our team growth. That’s on me. As a result, operating expenses grew quickly."

Xu added that DoorDash has "been more resilient than other ecommerce companies." Third-party data suggests that the company increased its share of the food delivery market to 56 percent of sales as of September. However, DoorDash is still vulnerable to external factors, such as rising interest rates and the threat of a recession.

The company's growth has slowed and Xu said if DoorDash didn't cut costs, its operating expenses would outpace its revenue. The layoffs will account for around six percent of DoorDash's workforce, according to Bloomberg.

DoorDash's severance package will include 17 weeks of pay along with a February 2023 stock vest for those who are eligible. Health benefits will run through the end of March and COBRA coverage will remain available for up to 18 months. Xu noted that DoorDash will set March 1st as the employment termination date to give immigrant workers who are in the US on visas more time to find another job. Moreover, DoorDash says it will offer recruiting support.

Lyft, another major player in the gig economy space, said earlier this month it would lay off 13 percent (nearly 700) of its employees. Other notable tech companies have conducted mass layoffs in recent months, including Meta, Twitter, Amazon, Roku, Snap, Patreon and Peloton.

Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection. The move comes just over two weeks after BlockFi suspended all platform activity, including withdrawals, in the wake of crypto exchange FTX's implosion. "Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual," the company said in an FAQ. Withdrawals remain paused.

"BlockFi’s chapter 11 cases will enable BlockFi to stabilize its business and provide BlockFi with the opportunity to consummate a reorganization that maximizes value for all stakeholders," BlockFi said. "The court-supervised restructuring process is transparent and encourages dialogue between all stakeholders."

As with many other players in the industry, BlockFi faced an uncertain future after several crypto companies crumbled in the spring, taking the prices of many cryptocurrencies down with them. Soon after, FTX agreed to prop up BlockFi with a $400 million credit line. The agreement also gave FTX the option to buy BlockFi for up to $240 million. As The New York Times notes, that meant the companies had close financial ties and FTX's collapse into bankruptcy has had a knock-on effect on BlockFi.

“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the company,” Mark Renzi of Berkeley Research Group, BlockFi's financial advisor, said in a statement. “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.”

BlockFi says that, as part of its restructuring, it will "focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities." However, it noted that recoveries from FTX are likely to be delayed, given that company's bankruptcy process. In addition, BlockFi says it has $256.9 million in cash on hand, which should provide “sufficient liquidity to support certain operations during the restructuring process," such as paying employee wages and continuing benefits.

In a court filing, BlockFi estimated it had more than 100,000 creditors and consolidated liabilities of between $1 billion and $10 billion. Among the listed creditors are FTX (to which it owes $275 million in loan repayments) and the Securities and Exchange Commission, which it owes $30 million.

Earlier this year, BlockFi agreed to pay $100 million to settle charges from the SEC and 32 states. The SEC claimed that BlockFi offered interest accounts without registering them under the Securities Act. The agency also found that the company made "false and misleading" claims related to the level of risk in its lending activity and loan portfolio.

Filing for Chapter 11 bankruptcy protection doesn't inherently mean a company is done for. The process allows a struggling business to keep trading while it restructures and looks for ways to pay back creditors. However, bankruptcy isn't easy to come back from, and BlockFi is just the latest in a long line of dominoes to fall in the precarious crypto industry.

Denis Sverdlov, the CEO and founder of the embattled EV startup Arrival, has stepped back from the company's day-to-day operations, according to The Financial Times and Bloomberg. Sverdlov won't be leaving the company completely but will instead switch places with Arrival chair Peter Cuneo, who served as CEO of Marvel Entertainment before it was acquired by Disney. 

Arrival had big plans for the EV space and was developing an electric van, bus and car. In the middle of 2022, however, the company cut its workforce because it was running out of cash. It also announced that it was shuttering its bus and car projects completely to focus on developing its vans for the US market, citing the EV tax credits the US offers as a major factor in its decision. Cuneo will run the company while it's seeking to raise funds under the threat of bankruptcy. 

Arrival likely decided on the swap, hoping Cuneo could use his expertise — after all, he's known for orchestrating successful corporate turnarounds and had helped guide Marvel out of bankruptcy during his tenure as its CEO. Whatever Cuneo decides to do, he'll have to accomplish it without the help of one key executive: Avinash Rugoobur, company president and strategy chief, has left his roles but will still serve as a board member. 

The EV startup teamed up with UPS to build a new generation of electric delivery vans in 2018, and in 2020, UPS put in an order for 10,000 vehicles to be rolled out over the next few years. Arrival said in September that despite issues with production, it was done building a "production verification vehicle" and that it will be able to deliver 20 vans to customers by the end of the year. 

Add HP to the list of tech companies cutting staff. The PC maker plans to lay off as many as 6,000 employees over the next three years. The cuts are part of a broader restructuring HP announced during its Q4 earnings call on Tuesday (via Gizmodo). The company estimates its “Future Ready Transformation plan” will save it $1.4 billion by the end of fiscal 2025, in part by reducing its headcount by at least 4,000 employees.

“The company expects to reduce gross global headcount by approximately 4,000-6,000 employees,” HP said. “These actions are expected to be completed by the end of fiscal 2025.”

HP employs approximately 51,000 employees globally. The company’s most recent fiscal quarter saw revenue drop by more than 11 percent year-on-year to $14.8 billion. CEO Enrique Lores blamed the poor performance on macroeconomic conditions and “softening demand” for the company’s PCs and printers.

Following Tuesday’s announcement, Lores said HP’s restructuring plan would “enable [the company] to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future.”

HP isn’t the only tech company to announce significant job cuts in recent weeks. Twitter completed multiple rounds of layoffs after Elon Musk took control of the company on October 27th. Meta and Amazon also announced job cuts this month. In the case of the social media giant, the 11,000 employees it let go on November 9th represented the first mass layoffs in the company’s history.

Bankruptcy documents filed by the crypto exchange FTX indicate that it currently faces more than 100,000 creditors, but that number could expand to over one million, The Financial Times has reported. The company also stated that it has been in contact with US federal prosecutors, as well as "dozens of federal state and international regulatory agencies" over the last few days. 

FTX filed for bankruptcy last week following the sudden collapse of its exchange. Today, the Securities Commission of The Bahamas said it had received court approval to appoint two partners from the Bahamas and Hong Kong to oversea the unwinding of FTX Digital Markets, a key part of FTX. The filing called the state of affairs "unprecedented," noting that "barely more than a week ago, FTX, led by its co-founder Sam Bankman-Fried, was regarded as one of the most respected and innovative companies in the crypto industry." 

In addition, the Royal Bahamas Police confirmed yesterday that they were working "to investigate if any criminal misconduct occurred," according to the FT. The day after the bankruptcy was filed, the company reported that millions of dollars went missing from crypto wallets following "unauthorized transactions." In addition, at least $1 billion worth of customer funds vanished from FTX prior to that.

FTX's troubles started after the price of its native FTT token plunged and numerous users withdrew their cryptocurrency. After it was reported that FTX was facing a liquidity crisis, rival Binance said it would sell off around over $500 million worth of FTT, all but wiping out the token's value. Binance then said it would take over FTX, but backed out of the deal a day later, citing concerns that emerged while carrying out due diligence. Bankman-Fried said he plans to eventually publish an account detailing exactly what happened to FTX.

Hulu is adding 14 new channels to its Live TV offering, the Disney-owned streaming service announced on Monday. Five of the additions – the Weather Channel, Comedy.TV, Hallmark Channel, Hallmark Movies & Mysteries and Hallmark Drama – are already available to watch, with the remaining nine (most of them Vevo music channels) joining the service on December 1st.

That means most of the new additions will arrive a week before Disney increases the cost of its Hulu + Live TV bundle. After December 8th, the with ads package will cost $75 per month, up from $70 currently. With today’s expansion, Hulu notes the Live TV component of its service provides access to more than 85 channels, with mainstays like CNN, EPSN, MTV and the NFL Network represented.

For some, the new channels might make them reconsider canceling or modifying their Hulu + Live TV subscription, an outcome Disney is clearing banking on. Last week, the company announced Disney+, Hulu and ESPN+ had a combined customer base of 236 million subscribers, putting the company in the ballpark of Netflix’s numbers. At the same time, Disney said operating losses for streaming increased from $0.8 billion to $1.5 billion during its most recent fiscal quarter. Moving forward, Walt Disney CEO Bob Chapek said the company expects those losses to narrow, partly thanks to the price increases it announced earlier this year.

Mere hours after filing for Chapter 11 bankruptcy protection, FTX’s fraught situation worsened dramatically. On late Friday night, the crypto exchange claimed it had been hacked after millions of dollars in digital assets were siphoned from FTX wallets despite the company freezing withdrawals earlier in the day. The exact amount of missing money is unclear, but CoinDesk puts the figure at more than $600 million.

“FTX has been hacked. FTX apps are malware.” the company posted on its official Telegram account. It urged customers to avoid the FTX website and delete its apps from their phones. Following the announcement, FTX General Counsel Ryne Miller said the company was moving all of its digital assets offline “to mitigate damage upon observing unauthorized transactions."

As CoinDesk points out, some crypto community members have speculated the funds may have been withdrawn by someone from FTX founder Sam Bankman-Fried’s inner circle. Bankman-Fried hasn’t commented on the incident. The missing millions are in addition to at least $1 billion worth of customer funds that vanished from FTX before the company filed for bankruptcy. According to Reuters, Bankman-Fried “secretly transferred” $10 billion from the crypto exchange to his trading company Alameda Research. He reportedly disclosed the financial gap to other FTX executives on November 6th, mere days before Binance announced and subsequently abandoned its bid to rescue the firm.

“We didn’t secretly transfer,” he told Reuters. “We had confusing internal labeling and misread it.” When asked about the missing funds, he reportedly replied “???” On Saturday, Bankman-Fred also denied reports he had flown to Argentina after he resigned as CEO of FTX.