Microsoft Corporation announced the purchase of video game developer and publisher Activision Blizzard for $68.7 billion. The company said that the acquisition “provides the building blocks for creating a metaverse.”
When Candy Crush and CoD become your actual job. Microsoft x Activision Blizzard. 🎮❤️📱https://t.co/nw4cLoaoTB pic.twitter.com/QPGt9DC2jF
— Microsoft (@Microsoft) January 18, 2022
“Today, games are the most dynamic and immersive category of entertainment across all platforms. They will determine the development of the metaverses. We are investing heavily in world-class content, community and cloud computing to usher in a new era where gamers and game creators are put first,” said Microsoft CEO Satya Nadella.
Microsoft bought shares in Activision Blizzard for $95 per share. The amount of the agreement exceeded the market capitalization of the latter by almost $20 billion at the time of the announcement. The deal is expected to close by June 30, 2023.
Companies will continue to operate independently of each other. However, Activision Blizzard will report to Phil Spencer as head of Microsoft Gaming.
In an open letter to employees, head of video game publisher Bobby Kotick notedthat together it will be easier for the two companies to compete with other market participants “for leadership as the metaverse develops.”
Kotik confirmed that he remains the head of the company. He has held this position since 1991.
Earlier, Microsoft founder Bill Gates said that in two or three years, most virtual meetings will take place in the metaverse.
Recall that in December 2021, video game publisher Ubisoft announced the launch of a beta version of the Quartz platform, designed to trade in-game items in the NFT format.
