Microsoft takeover of Call of Duty games firm wipes $20bn off Sony shares

The Guardian 

Shares in the Japanese conglomerate closed down 13% on Wednesday, their biggest fall since the global financial crisis in 2008, as investors reacted to the possibility that the $70bn bid for Activision Blizzard could result in hit games being pulled from the Sony PlayStation console and subscription service and offered exclusively on the rival Microsoft Xbox. The blockbuster deal is not only the largest Microsoft has struck but also the biggest ever in the gaming and tech sectors. It sparked a wave of investor interest in further consolidation, with shares in Electronic Arts, the maker of the Fifa football series, and Take-Two Interactive, the maker of Grand Theft Auto, rising. The shares of other video games companies also rose. France's Ubisoft, which makes Assassin's Creed, was up almost 12%, while Japan's Capcom and Square Enix each rose 3.5%. "Sony's response [to the deal] will be one to watch, of course," said Clay Griffin, an analyst at the research firm MoffettNathanson.

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