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.
Fold CEO & Co-founder Will Reeves joins Cheddar News' Closing Bell, where he discusses what his company's augmented reality metaverse involves and elaborates on Fold's goals surrounding the new initiative.
President Joe Biden's "Build Back Better" bill could mean cheaper electric bicycles and scooters as the nation attempts to shift away from gas-powered cars. Noa Banayan, the director of federal affairs at PeopleForBikes, joined Cheddar's "Closing Bell" to provide some background on the E-Bike Act included in Biden's reconciliation bill that would provide tax credits for qualified purchases. "We want to make sure, from the bike industry's perspective, that this is a technology and a product that is available to the majority of Americans who want to lower their carbon footprint and get around town faster and do everything that they would normally do in a short car trip but by bike, because it's healthier, it's fast, it's efficient, you're not in traffic," she said.
It's being called the next big trend in crypto. A decentralized autonomous organization, or DAO, is an internet community of different types of groups and businesses. The purpose is to allow people to commit funds to a specific cause in a safe way. Now, one social platform is creating a do-it-yourself kit for those who want to step into the space. Upstream Collective just launched the beta mode of its platform with the goal of putting all facets of running a DAO in one place. Alex Taub, co-founder and CEO of Upstream, joins Cheddar News to discuss.
Walmart and Zipline have teamed up to launch a drone delivery service in Pea Ridge, Arkansas. The service delivers products to customers within a 50-mile radius of the store. Liam O'Connor, COO of Zipline, joins Cheddar News to talk more about the partnership.
President Joe Biden announced that the U.S. will tap into its strategic oil reserve in coordination with other nations and release 50 million barrels in an effort to lower energy prices.
On this episode of Cheddar Reveals, Yair Nechmad, Nayax CEO, discusses the future of cashless payments, and how cashless payments give retailers a competitive edge and allow merchants to scale business; Jason Thomas, Global CEO of Tappit, breaks down how the pandemic accelerated the transition to cash-free live events, and why that trend is here to stay; Cheddar gets a look at Curiosity Steam's 'Blockchain Revolution.'
Not long ago, banning cash at a large public event would have been seen as a crazy idea that would deter sales. But our cash-free future is getting closer with the use of contactless payments being implemented in sports venues, music festivals, concerts, and more. Jason Thomas, Global CEO of Tappit, joins Cheddar Reveals to break down how the pandemic accelerated the transition to cash-free live events, and why that trend is here to stay.
