This is a private antitrust action seeking an order of the Court prohibiting the
proposed acquisition of Activision Blizzard, Inc. by Microsoft Corporation as a violation of Section
7 of the Clayton Antitrust Act (15 U.S.C. § 18). The threatened loss or damage to the Plaintiffs and
to the public at-large by the merging of two giants in the video game industry is extensive and broad.
2. On January 18, 2022, Microsoft announced plans to acquire Activision Blizzard.
Microsoft agreed to pay $68.7 billion ($68,700,000,000), or approximately $95 per share in an
all-cash transaction. Under the proposed terms of the merger, Microsoft would acquire all the
outstanding stock of Activision Blizzard. Upon completion of the deal, Activision Blizzard would
be wholly owned by Microsoft.
3. The proposed acquisition price of $68.7 billion in cash demonstrates the merger is
significant and non-trivial. Indeed, if the acquisition is allowed to proceed, it would be the largest
merger of technologies companies ever.
4. Microsoft and Activision Blizzard are each significant rivals in the video game
development, publishing, and distribution markets.
5. Microsoft and Activision Blizzard both develop, publish, and distribute gaming
content for purchase by consumers, and they directly compete in this market.
6. Microsoft and Activision Blizzard are two of the largest gaming corporations in the
United States with significant market share in the video game markets for developing, publishing
and distributing video games.
7. Microsoft owns and sells the Xbox gaming consoles and the Windows operating
system, two of the primary platforms on which games are played.
8. The development and publishing of video games for these and other platforms are
critical inputs to the popularity and continued viability of gaming platforms.
9. The development and publishing of video games are also critical inputs to new
gaming platforms and distribution methods, such as multi-game subscription services and cloud-
based gaming.
Case 3:22-cv-08991 Document 1 Filed 12/20/22 Page 4 of 45