The UK competition watchdog has said it will decide whether to clear or block Microsoft's $69bn (£54bn) takeover of the video game developer Activision Blizzard by 29 August, as it gave fresh hope for the transaction by opening a new consultation on it. The Competition and Markets Authority, which had originally said in April it would block the deal to take over the owner of hit titles such as Call of Duty, World of Warcraft and Candy Crush, is seeking public contributions on whether it should clear it after a new submission from Microsoft. Instead of offering further concessions, Microsoft is arguing that the EU's decision in May to clear the deal, as well as a recent games licensing deal with arch-rival Sony, represents a fundamental change to the circumstances around the transaction and there are now "special reasons" for not blocking it. "Microsoft considers that it is clear that there are material changes in circumstance and special reasons under [the Enterprise Act] which mean that the CMA should not adopt the draft order prohibiting the merger," said Microsoft in its submission. The Enterprise Act contains a provision that allows the CMA to alter its final order – which in this case was heading towards a block – if there has been a "material change in circumstances" since it reached its published decision.

Microsoft's war chest is a dynamo. With revenues that rival the GDP of a small nation, it's got enough cash on hand to buy whatever it wants. When it does, it just acquires another money-making machine. Video game company Activision Blizzard, which Microsoft announced yesterday it was buying for a staggering $68.7 billion--more than the $26.2 billion it paid for LinkedIn in 2016, almost 10 times the $7.5 billion it paid for Bethesda's parent ZeniMax Media last year. Microsoft now owns Call of Duty and Halo; it owns The Elder Scrolls and World of Warcraft.