Microsoft announced Tuesday that it is buying video game giant Activision Blizzard for $68.7 billion in cash to gain access to blockbuster games including Call of Duty and Candy Crush.
The all-cash deal will let Microsoft accelerate mobile gaming and provide it building blocks for the metaverse, or a virtual environment.
The deal comes as Activision shares have plummeted in the past year as the company faces allegations of misconduct and unequal pay. Activision CEO Bobby Kotick will retain his role, and he and his team will maintain their focus on driving efforts to further strengthen the company's culture and accelerate business growth.
In a statement, Microsoft Chairman and CEO Satya Nadella said, “Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms.” Nadella went on to say, “We’re investing deeply in world-class content, community, and the cloud to usher in a new era of gaming that puts players and creators first and makes gaming safe, inclusive and accessible to all.”