"UK Regulator Blocks Microsoft's Bid for Activision Blizzard, Stock Markets React"

The U.K.'s Competition and Markets Authority has blocked Microsoft's proposed $69 billion acquisition of video game giant Activision Blizzard, citing concerns over competition in the cloud gaming sector. The decision is a major victory for proponents of regulating tech giants and could have implications for other pending tech deals. Microsoft plans to appeal the ruling, but if it fails, the company will have to pay a $3 billion breakup fee to Activision. The ruling is a sign that regulators around the world are broadening their antitrust lens to include emerging markets and are intent on helping to shape them before a handful of giant companies can dominate them.