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Microsoft has proposed to purchase game publisher Activision Blizzard for $69 billion.
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The Competition and Markets Authority (CMA), the UK regulation group, is investigating the deal.
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CMA has stated that the acquisition could result in higher prices, fewer choices, or less innovation for UK gamers.
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CMA believes the deal could reduce competition in the cloud gaming market, which is already 60-70% controlled by Microsoft.
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The purchase could result in key game franchises like Call of Duty becoming Microsoft exclusives.
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CMA has sent possible remedies to Microsoft and Activision Blizzard, which must respond by February 22.
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The final report on the deal will be issued on April 26.
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Activision Blizzard responded to the CMA study, calling it "unfounded".
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Microsoft's corporate vice president and deputy general counsel also responded to the study.
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Activision Blizzard CEO criticized the CMA report and stated that the UK's technology industry could become a "Death Valley" if the merger does not go through.