Is Microsoft building a gaming monopoly?

Yesterday morning, Microsoft announced plans to acquire Activision Blizzard, publisher of games ranging from the Call of Duty series to Candy Crush Saga, for $68.7 billion. Microsoft says the move would make it the third-largest gaming company by revenue, following Tencent and Sony. The company, already a giant in the market, would gain even more leverage over how games are made and distributed. That’s assuming regulators approve it — something that’s not guaranteed amid a new push for scrutiny of potential tech monopolies.

After a damaging antitrust case in the 1990s, Microsoft has mostly escaped the more recent antitrust criticism directed at tech companies like Apple, Meta, and Amazon. But the company has been steadily building its...

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