
Microsoft Corporation (NASDAQ:MSFT) announced Tuesday morning plans to buy Activision Blizzard, Inc (NASDAQ:ATVI) for nearly $70 billion in an all-cash deal. Following the announcement, shares of Activision skyrocketed more than 25%, while Microsoft shares traded down about 2%.
What To Know: Microsoft and Sony Group Corp (NYSE:SONY) have been in a nearly 20-year battle for market share in the video game industry; Microsoft has the Xbox consoles, while Sony runs PlayStation.