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.
A recent survey from tech giant HP shows that while women are very interested in advancing their careers, men are still promoted at a much higher rate. Managing Director of North America at HP Stephanie Dismore joined Cheddar News to discuss the data and how changes brought on by the pandemic helped — and hurt — women in the workforce. "This whole idea of hybrid working is a challenge, but it's also an opportunity. And ideally what it can do for women is provide extreme flexibility, and it gives them an opportunity to really be very vocal about what they need and how they can contribute the best in the environment that they're in," she said. "However, at the same time, while women are applying and wanting to advance their careers. COVID actually had the reverse effect. And if you look at other studies, one in four women actually took a step back from their careers or exited the workforce altogether."
Apple made Academy Awards history this week when it won the best picture award for "Coda," available exclusively on its streaming platform, Apple TV+. It beat streaming rivals Netflix and Amazon Prime to the punch, and the trophy could strengthen its streaming ambitions as well as bring in more subscribers to compete in the space. Dan Ives, Managing Director of Equity Research at Wedbush Securities, joins Closing Bell to discuss Apple's big win, what it means for the company and the streaming space, its content strategy, and more. "I think it's really a feather in the cap, but I think it's going to propel the streaming ambitions significantly, not just from A+ Hollywood circles coming to Apple but also from a subscriber perspective," he said. "This is a major shot across the bow."
Cynthia Hollen, CEO and Co-Founder, Mavi.io, joins Cheddar News' Closing Bell, where she explains why MAVI OnMyWay provides a more convenient alternative to commerce, as the solution allows people to order food, phone chargers, and other products while driving.
Stacey Rudser, president of the Association for Women in Aviation Maintenance, joins Cheddar News to talk about the lack of diversity in the aviation maintenance sector and what needs to change.
Intel CEO Patrick Gelsinger recently warned Congress that the U.S. 'must act now' to boost chip manufacturing domestically before it's too late. The chipmaking giant is working to ramp up its own domestic chip production with plans for a mega-site in Ohio as the global chip shortage only intensifies, hitting everything from smartphones to cars. Daniel Newman, a founding partner and principal analyst at Futurum Research, joined Cheddar's Opening Bell to discuss Intel's plans, Gelsinger's push for Congress to pass the CHIPS Act, and the potential political ramifications of boosting semiconductor manufacturing in parts of the United States.
Catching you up on what you Need to Know on Mar 28, 2022, with peace talks resuming in Ukraine as early as today, Colorado wildfires causing evacuations, Shanghai, China, ramping up restrictions once again, the Oscars debacle between Will Smith and Chris Rock, and more.
