FTC Loses Appeal to Block Microsoft’s Activision Blizzard Deal

The Federal Trade Commission (FTC) has lost its appeal to block Microsoft’s $68.7 billion acquisition of Activision Blizzard. The appeal was part of the FTC’s legal challenge to the deal, which was first announced in 2022. The FTC had requested a preliminary injunction to prevent the companies from finalizing the deal while the legal challenge was ongoing. However, a district court denied the request, and the FTC appealed the decision. The deal was completed in October 2023, nearly two years after it was first announced. Today, an appeals court panel affirmed the denial of the FTC’s request, stating that the FTC failed to make an adequate showing of its likelihood of success on the merits. The deal remains subject to an ongoing administrative proceeding with the FTC.