- A private consumer lawsuit alleged Microsoft Corp (NASDAQ:MSFT) – Activision Blizzard, Inc (NASDAQ:ATVI) deal of unlawfully stifling competition in the video game industry.
- The California federal court lawsuit followed the U.S. Federal Trade Commission suit seeking to stop Microsoft, owner of the Xbox console, from completing the largest-ever acquisition in the video-gaming market, Reuters reports.
- The private lawsuit on behalf of 10 video game players in California, New Mexico, and New Jersey also sought an order blocking Microsoft from acquiring Activision.
- The proposed deal would give Microsoft far-outsized market power in the video game industry, the complaint alleged, with the ability to foreclose rivals, limit output, reduce consumer choice, raise prices, and further inhibit competition.
- The takeover also faced antitrust scrutiny in the European Union to stop Microsoft from gaining control over a leading independent game studio.
- The EU alleged the deal of harming competition among rival gaming platforms from Nintendo Co, Ltd (OTC:NTDOF) (OTC:NTDOY) and Sony Group Corp (NYSE:SONY)
- Price Action: MSFT shares traded higher by 0.41% at $242.79 premarket on the last check Wednesday.
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