Back in June, the UK’s Competition and Markets Authority (CMA) began an in depth investigation into the planned $20 billion Adobe and Figma merger. The organization has released its findings and, well, they don’t paint a rosy picture. The probe tasked independent experts to determine whether or not the merger would reduce competition in the design space and the results suggest that, in fact, it’ll do just that.

It must be noted, however, that these are provisional findings. With that said, the CMA’s message is clear. The group states that the merger will “eliminate competition between two main competitors”, which is fairly obvious given Figma and Adobe’s standing in the industry. The findings also state that the deal would “reduce innovation” and the development of competing products. Finally, it’ll also “remove Figma as a threat” with regard to Adobe’s flagship software suites like Photoshop and Illustrator.

Figma is a giant player in the UK design space, accounting for 80 percent of the market. It’s also a major part of the country’s $19.4 billion app development sector. Without the merger, the CMA suggests, Figma would continue to develop or expand products that challenge Adobe. That goes away once the merger is in place because, you know, why challenge yourself?

The investigation concludes that the merger would eliminate competition between these two major players across multiple fields, including product design, image editing and illustration. These sectors account for $60 billion in annual revenue across the UK, adding up to nearly three percent of the national economy, with 850,000 skilled workers across the impacted industries. Another intent of the investigation was to suss out if the merger would damage the UK’s economy and it concluded it most likely will.

Again, these are provisional findings and the CMA has yet to consult the data to reach a final decision as to whether or not it’ll allow the sale to go through. It plans on taking some time to “listen to any further views,” likely referring to Adobe. To that end, Adobe argues that buying Figma would strengthen both companies, saying that the Creative Cloud apps would get some of Figma’s collaborative features and vice-versa. The company says it’s “deeply committed” to keeping Figma an independent entity and that it has no plans to change the pricing, including Figma’s free tier.

If the deal’s approved by the UK, which looks more unlikely with this report, Adobe still has some other battles to fight before this merger officially goes through. The acquisition still faces a US investigation, and the EU has issued its own dire warning.

This would be the larger-ever-purchase for Adobe in its storied 41-year history. Figma, on the other hand, is a relative newcomer to the market, springing forth in 2012.

The biggest acquisition in gaming history and one of the largest in the tech industry is in the books. Twenty months after the deal was announced, Microsoft has bought Activision Blizzard for $68.7 billion, the largest acquisition in the company's history. CEO of Microsoft Gaming Phil Spencer has asked Activision CEO Bobby Kotick to stay on until the end of 2023, at which point he'll be leaving the company. It's been a long road filled with plenty of twists and turns to get to this point.

The UK's Competition and Markets Authority (CMA) initially blocked the deal in April, though it and the companies agreed to pause Microsoft's appeal to try and resolve the regulator's reservations over the merger's impact on the cloud gaming industry. An appeal tribunal approved a request to delay the proceedings. 

In an attempt to win over the UK regulator, Microsoft agreed to sell the cloud gaming rights for Activision Blizzard titles to Ubisoft. That means that not only should Activision Blizzard's games be on Xbox Game Pass, but they'll land on Ubisoft+ and any other game-streaming service Ubisoft decides to work with. Concerns about competition in the cloud gaming market was the CMA's reasoning for initially blocking Microsoft's takeover of Activision, but the watchdog said in September that the Ubisoft concession "opens the door to the deal being cleared." A few weeks later, the CMA has rubberstamped the merger.

Microsoft also signed 10-year agreements with Nintendo and several cloud-gaming companies to offer its titles on their platforms. Those moves led to the European Union giving the merger the green light. The bloc's competition officials reportedly didn't see anything in the amended merger agreement (with the Ubisoft plan factored in) that would prompt a fresh antitrust investigation. 

The Federal Trade Commission's attempts to stop the deal over competition concerns haven't panned out. The agency sued to block it in December and an evidentiary hearing in that case was slated to take place on August 2nd. The FTC tried to temporarily block the merger with a preliminary injunction ahead of its administrative trial, but a judge denied that effort. 

The FTC still plans to challenge the merger. If that effort is successful, Microsoft could be forced to divest some or all of Activision Blizzard.

But for now, the deal is done. It means, among other things, that Activision Blizzard titles will be available on cloud gaming platforms for the first time since the publisher pulled its titles from GeForce Now in early 2020. Its games will surely join Game Pass in the very near future, including on Xbox Cloud Gaming, and they'll pop up on Ubisoft+ and other platforms Ubisoft works with.

Those waiting for Activision Blizzard's two biggest games of 2023 to hit Game Pass will certainly need to remain patient, though. The publisher has said Call of Duty: Modern Warfare III and Diablo IV won't hit the service until next year.

Meanwhile, Blizzard games are already coming to Steam rather than being siloed on the Battle.net launcher. We'll probably see them appearing on Xbox's PC app too. For what it's worth, in court filings, Microsoft called Activision's strategy of releasing PC versions of Call of Duty titles exclusively on Battle.net in a bid to grow the platform a "resounding failure."

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One of the key reasons Microsoft gave for pursuing the deal was to accelerate its aim of becoming a major player in the mobile gaming market. With Activision Blizzard pulling in $1.9 billion in mobile revenue in the first six months of 2023 alone, it will achieve that goal practically overnight. 

King, which is behind the hugely successful Candy Crush franchise, generated more revenue ($1.49 billion) than Activision ($1.15 billion) in the first half of this year. Thanks largely to the massive success of Diablo IV, Blizzard brought in the most of the three units during that period with a hair over $1.5 billion. Still, King had 238 million monthly active users as of June 30th, just over twice as many as Activision and Blizzard combined. It recently emerged that Candy Crush Saga has generated over $20 billion in lifetime revenue.

Blizzard has also been making a push into mobile gaming with the likes of Diablo Immortal. Activision, meanwhile, has Call of Duty Mobile in its portfolio and Call of Duty: Warzone Mobile is on the way. The company said in its most recent earnings report Call of Duty has around 90 million monthly players, "with over half of all engagement on the mobile platform."

As for exclusivity of future projects, Microsoft Gaming CEO Phil Spencer has promised to "do whatever it takes" to keep shipping Call of Duty games on PlayStation. After months of refusing to do so, Sony eventually signed a 10-year pact just before the initial merger deadline of July 18th to keep that particular franchise on PlayStation, conceding defeat in its efforts to halt the acquisition. However, Microsoft will likely opt to keep other Activision Blizzard games off of PlayStation platforms, as it has done with ZeniMax/Bethesda titles Redfall and Starfield, as well as MachineGames' upcoming Indiana Jones project.

Meanwhile, many observers hope that Microsoft will help stamp out the alleged toxic workplace culture at Activision Blizzard. Earlier this year, Activision Blizzard paid $35 million to settle SEC charges related to how it handled employees' workplace misconduct complaints.

In 2021, the California Civil Rights Department (formerly the Department of Fair Employment and Housing) sued the company and accused it of fostering a "frat boy" culture in which female employees were harassed and discriminated against. Activision Blizzard countersued the CRD in December. The case hasn't been resolved. In fact, the CRD's lawsuit (which, along with other events, sent Activision's stock tumbling) set the ball rolling on Microsoft's acquisition of the company in the first place.

UK's antitrust regulator has given Microsoft the green light to buy Activision Blizzard for $68.7 billion following a protracted back and forth. The regulator called Microsoft's concession to sell cloud gaming rights to Ubisoft a "gamechanger that will promote competition."

With the last major obstacle out of the way, the Competitions and Markets Authority (CMA) has now largely cleared the path for the companies to close the biggest merger in gaming history. That move was widely expected after the watchdog said in September that the company's revised merger agreement "substantially addresses previous concerns and opens the door to the deal being cleared."

In April, the CMA blocked the deal on the grounds of a belief that it would make Microsoft too dominant of a player in the cloud gaming space. However, as other dominoes that were preventing the deal from happening fell, the CMA gave Microsoft a second chance to resolve its concerns. The companies extended their merger agreement by three months to give them time to smooth things out with the CMA.

Microsoft later submitted a modified deal to the watchdog that will see it sell Activision Blizzard game streaming rights to Ubisoft if the merger goes through. Ubisoft would then handle cloud streaming rights in perpetuity for current titles and any others that Activision Blizzard releases over the following 15 years. Given that the CMA's misgivings over the original deal, Microsoft evidently hoped that the concession would be significant enough to resolve the regulator's concerns. Evidently, that's exactly what happened.

The CMA said last month that it had "residual concerns" about enforcement of Microsoft's revised proposal. However, it noted that "Microsoft gave undertakings that will ensure that the terms of the sale of Activision's rights to Ubisoft are enforceable by the CMA."

The regulator touted its role in forcing Microsoft to make concessions. "With the sale of Activision’s cloud streaming rights to Ubisoft, we’ve made sure Microsoft can’t have a stranglehold over this important and rapidly developing market," CMA chief executive Sarah Cardell said in a statement. "As cloud gaming grows, this intervention will ensure people get more competitive prices, better services and more choice. We are the only competition agency globally to have delivered this outcome."

There were suggestions that European Union antitrust regulators might review the amended deal. EU officials approved the acquisition in May after Microsoft made some cloud gaming concessions. According to Bloomberg, the bloc's competition regulators didn't see cause for concern with the amended deal that would prompt another investigation.

After a US court rejected the Federal Trade Commission's attempt to temporarily block the deal pending an administrative trial, the CMA and both companies in question asked a tribunal to delay Microsoft's appeal against the UK regulator's initial decision. The tribunal agreed and, after reviewing the updated proposal from Microsoft, the CMA has rubberstamped the merger. It now seems like just a matter of time until this is a done deal and one of the biggest tech mergers in memory is in the books.

There is one significant potential hurdle remaining, however. The FTC is moving forward with its attempt to challenge the deal. That effort won't stop Microsoft from closing the acquisition, but there's a chance that the FTC could force the company to divest some or all of Activision Blizzard.

Game Pass subscribers will have to wait a bit more before they're able to play Diablo IV and Call of Duty: Modern Warfare III on the service. Activision Blizzard has announced on X, formerly Twitter, that it doesn't have plans to add those games — among other upcoming and recent releases — to the service anytime this year. Based on its explanation, it's waiting for Microsoft's acquisition of the company to be finalized, which is expected to happen within this month. 

"As we continue to work toward regulatory approval of the Microsoft deal, we've been getting some questions whether our upcoming and recently launched games will be available via Game Pass," the gaming giant wrote. It added that it expects to start working with Xbox and add its titles to the Game Pass service once the deal closes, and that the process would begin "sometime in the course of next year."

Microsoft first announced that it was buying Activision Blizzard for $68.7 billion in early 2022 and that it was hoping to close the deal by June 2023. However, several regulators moved to block the purchase over concerns that it would harm competition and stifle innovation. The European Commission rubberstamped the acquisition in May with the condition that Microsoft offers its games on other cloud gaming services. Meanwhile, the UK's Competition and Markets Authority blocked the deal until the companies promised to sell "cloud streaming rights for all current and new Activision Blizzard PC and console games released over the next 15 years to Ubisoft Entertainment... in perpetuity." In the US, courts denied the Federal Trade Commission's (FTC) request to issue an injunction on the purchase. However, the FTC announced in September that it plans to restart its in-house trial against the acquisition. 

The film-focused social media site LetterBoxd has new ownership. Cofounder Matthew Buchanan announced on Friday that Tiny, a venture capital firm, has bought a 60 percent stake in the platform. The New York Times reported that the deal values Letterboxd at over $50 million. Buchanan and fellow founder Karl von Randow will retain minority shareholder positions and continue to lead the company as they insist “very little else will change.”

Founded in 2011, Letterboxd was a rare independently owned social network. It grew significantly during pandemic lockdowns as homebound users sought new movies to stream (and communities to chat with). Lacking the clutter of Amazon-owned IMDb, the website and app provided a haven for film buffs who wanted to write and read reviews, rate movies, create watch lists and socialize with fellow enthusiasts.

Letterboxd’s cofounders frame the move as less about selling out to big money and more a growth opportunity. “Teaming up with Tiny represents a big leap forward for us,” Buchanan and von Randow wrote in a statement. “We see this as a huge win for our community, enabling us to cement Letterboxd’s future with additional resources without sacrificing the DNA of what makes it special.”

The site doesn’t currently support television series, but the founders say they’re working on a way to offer that. They insist they want to incorporate TV shows “only once we know we can do it right.” Letterboxd partnered with Netflix earlier this year, bringing the streaming service’s recommendations to the social platform. 

“We’ve been huge fans and users of Letterboxd for a long time and could not be more excited to join forces with Matthew, Karl, and the rest of the team for the long-term,” said Andrew Wilkinson, Co-founder of Tiny. “If you’re running out of things to watch, it’s because you haven’t used Letterboxd yet — and we believe that the potential for superior discovery is a large opportunity.”

Just when Microsoft's buyout of Activision seemed to finally be near complete, the Federal Trade Commission said it will revive its attempt to block the $69 billion deal in an adjudicative process. The FTC plans to restart its in-house trial against Microsoft’s multibillion-dollar acquisition of the Call of Duty maker.

This effort by the FTC is unlikely to be anything more than a nuisance for Microsoft. It already received EU approval over the summer when the European Commission endorsed the deal as long as the tech giant could ensure “full compliance with commitments.” And more recently, the UK's Competition and Markets Authority issued a preliminary approval of the merger. Activision Blizzard CEO Bobby Kotick called it “a significant milestone for the merger” in a statement and said he remains optimistic that the deal will complete soon. The CMA's consultation on Microsoft's proposed changes is expected to be complete by October 6, just days ahead of the October 18 deadline for the CMA’s review process.

Normally, the FTC typically drops its challenges to deals when efforts are lost in federal court and despite the agency’s effort, this move will not delay the deal from going through. The likely worst-case scenario for Microsoft would be divestiture. Being forced to sell Activision or parts of it after the fact would not be ideal, but at least short term there seems to be little chance of the FTC derailing things.

The agency’s failed attempt to block the acquisition over the summer in the US should have put an end to the bargaining when the FTC’s injunction request to block the deal got rejected and the Ninth Circuit Court of Appeals denied the agency’s last-ditch effort. Judge Jacqueline Scott Corley said in her ruling that the FTC did not prove the deal would harm consumers.

Microsoft told Bloomberg that it's not overly concerned about the move preventing its purchase. Regardless of what impact it could have, the FTC’s in-house hearing will only start after the Ninth Circuit issues an opinion on the appeal, according to the filing.

Lulu Cheng Meservey, the CCO of Activision, said the company is focused on closing the deal with Microsoft. In a jab on X, the site formerly known as Twitter, she questioned the FTC for how it “uses limited taxpayer resources.”

Microsoft's $68.7 billion acquisition of Activision Blizzard looked close to being dead not long ago, but it just took a big step toward clearing its last major obstacle. The UK's Competition and Markets Authority (CMA) has announced that Microsoft's revised agreement "substantially addresses previous concerns and opens the door to the deal being cleared." The agreement is still in consultation, but final approval now looks highly likely. 

"The CMA considers that the restructured deal makes important changes that substantially address the concerns it set out in relation to the original transaction earlier this year," the regulator wrote. "In particular, the sale of Activision’s cloud streaming rights to Ubisoft will prevent this important content — including games such as Call of Duty, Overwatch, and World of Warcraft — from coming under the control of Microsoft in relation to cloud gaming."

The UK regulator initially blocked the merger over fears it would hand Microsoft a 60 to 70 percent share of the cloud gaming market, making it a monopoly player. That in turn would give it "incentive to withhold games from competitors and substantially weaken competition in this important growing market." 

In response, Microsoft announced last month that it would sell Activision Blizzard streaming rights to Ubisoft in an attempt to win UK approval. It said that if the merger goes through, it would transfer "cloud streaming rights for all current and new Activision Blizzard PC and console games released over the next 15 years to Ubisoft Entertainment... in perpetuity." Ubisoft said in a separate release that the titles would be available across a range of services. 

The revised deal "substantially addresses most concerns," the CMA wrote, but it still wants to ensure that provisions in the sale of Activision's cloud streaming rights to Ubisoft can't be "circumvented, terminated or not enforced." It added that Microsoft has offered remedies to ensure that those rights are enforceable, and those should resolve any residual concerns. 

Microsoft managed to turn the deal around after taking a lot of blows from regulators. Late last year, the US Federal Trade Commission (FTC) sued to block the merger, but was later rebuffed by a federal court. The UK's CMA rejected the deal a few months later, but Microsoft appealed the decision and was later given more time to submit an amended deal. It made a major concession with the sale of streaming rights to Ubisoft — and that seems like it may have done the trick. We should know soon, as the CMA's consultation on Microsoft's proposed remedies closes on October 6. 

Microsoft Gaming chief Phil Spencer wanted to acquire Nintendo so bad, he considered it a "career moment." One of the leaked documents from the FTC v. Microsoft case was an email Spencer sent to the company's Chief Marketing Officers Chris Capossela and Takeshi Numoto in 2020. The executive talked about how Nintendo was the prime asset for the tech giant in gaming, which is Microsoft's best bet for consumer relevance. He was confident that if there was an American company capable of acquiring Nintendo, it was Microsoft. However, Nintendo was apparently sitting on a "big pile of cash" that made it unlikely to go looking for buyers. 

Spencer added that Nintendo had a board of directors that had not pushed for increases in market growth in ages. He explained that it might change in the future, though, as one of Microsoft's board of directors — investment company ValueAct Capital — had been "heavily acquiring" Nintendo shares and had been "fully supportive" of an acquisition if the opportunity arose. 

Microsoft has a long history of trying to acquire the Japanese gaming giant. When Bloomberg published an in-depth oral account of how the Xbox came to be for its 20th anniversary in 2021, it was revealed that the company asked Nintendo if it was willing to be acquired — and got laughed out of the room. "They just laughed their asses off," Xbox co-creator Kevin Bachus said. "Like, imagine an hour of somebody just laughing at you. That was kind of how that meeting went." Microsoft also reportedly asked Nintendo to let it take care of hardware so it could focus on games, but it ultimately failed to convince the company to do a merger. 

In Spencer's letter, he said it was "taking a long time for Nintendo to see that their future exists off of their own hardware." And then he ended it with a smiley face that seemed to indicate that he was willing to play the long game, though it's unclear if he still has plans to make another attempt at a merger. Microsoft's legal battle against the Federal Trade Commission will decide the outcome of the company's $69 billion Activision Blizzard acquisition. The company announced the massive purchase in early 2022, but the FTC filed a lawsuit to block the merger, which the agency says can harm competition in the gaming market. 

Microsoft is significantly restructuring its Activision Blizzard merger proposal by selling cloud gaming rights for Activision Blizzard games to rival Ubisoft, it wrote in a blog post late yesterday. That would address a key concern of UK regulators, which blocked the deal in part become of Microsoft's potential dominance in cloud gaming — but nothing is likely to be approved until October 18th. 

"As a result of the agreement with Ubisoft, Microsoft believes its proposed acquisition of Activision Blizzard presents a substantially different transaction under UK law than the transaction Microsoft submitted for the CMA’s consideration in 2022," Microsoft President Brad Smith wrote. 

If the merger goes through, Microsoft would transfer "cloud streaming rights for all current and new Activision Blizzard PC and console games released over the next 15 years to Ubisoft Entertainment SA, a leading global game publisher. The rights will be in perpetuity," Smith added. That means Microsoft wouldn't be able to make Activision Blizzard games exclusive for Xbox Cloud Gaming, nor have any say on how they're released on rival services. It will also allow Ubisoft to offer Activision Blizzard cloud gaming services on Apple and other non-Windows systems. 

As for the terms of the transaction, "Ubisoft will compensate Microsoft for the cloud streaming rights to Activision Blizzard’s games through a one-off payment and through a market-based wholesale pricing mechanism, including an option that supports pricing based on usage," Smith said. 

In its own blog post, Ubisoft indicated that Activision Blizzard titles will be available across a range of services if the deal goes through. "With a single subscription to Ubisoft+ Multi Access, players will soon be able to play their favorite Ubisoft and Activision Blizzard games across multiple platforms including PC, Xbox consoles and Amazon Luna, and on the PlayStation platform through Ubisoft+ Classics," wrote Ubisoft's Daniel O'Connor.

The UK's CMA (Competition and Markets Authority) blocked the proposed merger earlier this year citing cloud gaming monopoly concerns as the primary issue. However, after the US Federal Trade Commission (FTC) lost its own appeal to block the merger, the CMA agreed to extend negotiations until August 29th. "Based upon the discussion to date, both sides — Microsoft and the CMA — have confidence that Microsoft notifying a restructured transaction is capable of addressing the concerns that the CMA has identified," the CMA said in July. 

The UK regulator will now examine the restructured deal and deliver a decision by October 18th, it said in an article published today. "This is not a green light. We will carefully and objectively assess the details of the restructured deal and its impact on competition, including in light of third-party comments," said CMS chief executive Sarah Cardell. "Our goal has not changed — any future decision on this new deal will ensure that the growing cloud gaming market continues to benefit from open and effective competition driving innovation and choice."

After announcing the deal last year, Intel will no longer acquire Tower Semiconductor for $5.4 billion, the company announced in a press release. It was unable to "obtain in a timely manner the regulatory approvals required under the merger agreement" it wrote — specifically in China, according to Bloomberg. Tower produces various types of chips for clients across multiple industries, and Intel made the acquisition to expand its foundry business and better compete with rivals like Taiwanese giant TSMC. 

Tower has seven fabrication facilities (located in Israel, Italy, the US and Japan) that build 6-inch, 8-inch and 12-inch chip wafers. While the company doesn't manufacture cutting edge mobile and other process, its clients don't necessarily need the latest technology. Instead, Tower focuses on reliably manufacturing large volumes of chips for automakers, equipment manufacturers, medical industries and others. 

Before announcing its Tower acquisition, Intel was reported to be in talks to purchase the much larger chip manufacturer and AMD spinoff GlobalFoundries for around $30 billion. Intel launched its foundry services as a separate business unit back in 2021, committing $20 billion to build two Arizona factories. It also revealed plans to build a massive semiconductor facility in Ohio designed to become "the largest silicon manufacturing location on the planet."

Intel said its still executing its roadmap "to retain transistor performance and power performance leadership by 2025," with the aim of becoming the second-largest global external foundry by 2030. "Our respect for Tower has only grown through this process, and we will continue to look for opportunities to work together in the future." As part of its merger agreement, Intel will pay a termination fee of $353 million to Tower.