Microsoft's planned $69 billion purchase of video game company Activision Blizzard was blocked by a federal judge Tuesday, giving more time for an antitrust review of the deal.
U.S. District Judge Jacqueline Scott Corley in San Francisco ruled in support of a temporary restraining order sought by the Federal Trade Commission that will stop Microsoft from closing the deal.
In a court filing Monday, the commission had sought both a restraining order and injunction to stop Microsoft’s acquisition of the California company behind hit games such as Call of Duty, World of Warcraft and Candy Crush Saga.
Microsoft, maker of the Xbox game system, has spent months trying to win worldwide approval for the merger. While a number of countries have approved the acquisition, regulators for two important economies — the U.S. and the U.K. — have taken action to stop it, arguing it could suppress competition in the video game market.
The judge said her order temporarily blocking the deal “is necessary to maintain the status quo” while the Federal Trade Commission's legal cases against it are still pending. The bar for issuing an urgent restraining order is lower than it is to issue a preliminary injunction blocking the deal. A hearing on the commission's request for an injunction is set for June 22.
The commission said it brought its case to a federal court this week because it was concerned that Microsoft was trying to imminently close the deal before the trial begins, which would make it "difficult, if not impossible” to reverse course if the acquisition was later found to be illegal.
Microsoft said in a written statement late Tuesday that “accelerating the legal process in the U.S will ultimately bring more choice and competition to the gaming market."
“A temporary restraining order makes sense until we can receive a decision from the Court, which is moving swiftly,” the company said.
If you're looking for a date, 2022 might be your year. Online dating platform Bumble is buzzing with dating predictions from its latest survey. Shan Boodram, sex and relationships expert at Bumble, joined Cheddar to discuss some of the findings and what people can expect from the future dating landscape. Some of the results showed that public displays of affection are back on the rise as more people get vaccinated and that more users are opting for alcohol-free first dates. She also explained the trend of "explori-dating," a way that users are attempting to get out of their comfort zone. "People are willing to date outside of their city to get to that," she said.
Anthony Martini, Chief Music Officer of Slip.stream, and Jesse Korwin, CMO of Slip.stream, talk about the challenges creators have uploading music on Twitch and how 'Slip.stream' prioritizes artists by streamlining the licensing process.
Cheddar is looking back at the 12 biggest buzzwords of the year leading up to Christmas. The seventh term in the countdown is Transitory. Definition: (adjective) of brief gratification, not permanent.
More businesses are requiring workers to return to the office, but there is concern that many employees in the middle class, especially women and people of color, need remote work options for reasons including childcare and financial security. Joan Williams, director of the Center for WorkLife Law at the University of California, joined Cheddar to discuss why office mandates could be detrimental to the middle class. She noted that while companies claim a return to offices would help foster more collaboration and efficiency, reports show that they are successfully able to do their jobs from home.
Fresh Vine Wine, a maker of low-carb, low-calorie, and gluten-free wines, made its public debut on the NYSE. Celeb do-owners Nina Dobrev and Julianne Hough, alongside CEO Janelle Anderson, joined Cheddar's Azia Celestino to talk about their partnership, the decision to launch an IPO, and tout the healthy lifestyle market their product is going for.
The automotive industry continues to reel as the ongoing global semiconductor chip shortage continues to cause prices to rise. Ben Preston, autos reporter for Consumer Reports, joined Cheddar to discuss the state of the car industry. "I think that right now is a terrible time to buy a new car because dealership lots are looking a bit thin," Preston said. He noted that once manufacturers had initially halted production due to the pandemic, chip companies shifted toward providing service to tech companies, leading to supply constraints as every new car built needs about 30 to 100 chips in its construction.
Erica Pandey, business reporter at Axios joins Cheddar News to discuss if companies should give up on trying to bring employees back to work in-person.
