*Vivendi Games and Activision Merge: Activision Blizzard*

Discussion in 'Misc. and Multiplatform Games' started by Zenien, Dec 2, 2007.

  1. Zenien Guest

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    SANTA MONICA, Calif. & PARIS--(BUSINESS WIRE)--Activision, Inc. (NASDAQ: ATVI) and Vivendi (Euronext Paris: VIV) today announced that they have signed a definitive agreement to combine Vivendi Games, Vivendi's interactive entertainment business -- which includes Blizzard Entertainment’s® World of Warcraft®, the world’s #1 multi-player online role-playing game franchise -- with Activision, creating the world’s largest pure-play online and console game publisher. The new company, Activision Blizzard, is expected to have approximately $3.8 billion in pro forma combined calendar 2007 revenues and the highest operating margins of any major third-party video game publisher. On closing of the transaction, Activision will be renamed Activision Blizzard and will continue to operate as a public company traded on NASDAQ under the ticker ATVI.

    Activision, one of the world’s leading independent publishers of interactive entertainment, is best known for its top-selling franchises, including Guitar Hero®, Call of Duty® and the Tony Hawk series, as well as Spider-Man™, X-Men™, Shrek®, James Bond™ and TRANSFORMERS™. Blizzard Entertainment, a division of Vivendi Games, has projected calendar 2007 revenues of $1.1 billion, operating margins of over 40% and approximately $520 million of operating profit. Blizzard owns the #1 multi-player online role-playing game franchise, World of Warcraft, which currently has over 9.3 million subscribers worldwide. Blizzard’s World of Warcraft, Warcraft®, StarCraft® and Diablo® games account for four of the top-five best-selling PC game titles of all time. Vivendi Games also owns popular franchises, including Crash Bandicoot™ and Spyro™. Pro forma for calendar 2007, Activision Blizzard expects to generate approximately 70% of its revenues from owned franchises. As a result of the business combination, Activision Blizzard expects to have the most diversified and broadest portfolio of interactive entertainment assets in its industry, positioning the combined company to capitalize on the continued worldwide growth in interactive entertainment.

    Jean-Bernard Lévy, Chairman of the Management Board and Chief Executive Officer of Vivendi stated: “This alliance is a major strategic step for Vivendi and is another illustration of our drive to extend our presence in the entertainment sector. By combining Vivendi’s games business with Activision, we are creating a worldwide leader in a high-growth industry. We are excited about the opportunities for Activision Blizzard as a broader entertainment software platform. We believe this transaction will create significant value for Activision Blizzard and Vivendi stockholders. In Activision, we have found a partner with a highly complementary business and strong operating team. Bobby Kotick and Brian Kelly are industry pioneers, well known for creating shareholder value. The combined strength of the existing management teams at both companies will set the stage for further profitable growth of Activision Blizzard. We look forward to being an active and supportive majority stockholder in a company that is poised to lead the worldwide interactive entertainment industry in the years ahead.”

    René Penisson, Member of the Management Board of Vivendi and current Chairman of Vivendi Games, added: “We are very confident that by combining forces, Activision Blizzard will set the highest standards in quality, reputation and profitability, and will bring together the best creative teams in the industry. The combination of this unique product portfolio with highly professional employees gives us great confidence in the growth prospects for Activision Blizzard.”

    Said Robert Kotick, Activision's Chairman and Chief Executive Officer: “This is an outstanding transaction for Activision and our stockholders, as well as a pivotal event in the continuing transformation of the interactive entertainment industry. By combining leaders in mass-market entertainment and subscription-based online games, Activision Blizzard will be the only publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry and reach the broadest possible audiences. By joining forces with Vivendi Games, we will become the immediate leader in the highly profitable online games business and gain a large footprint in the rapidly growing Asian markets, including China and Korea, while maintaining our leading operating performance across North America and Europe. Activision stockholders will benefit from significantly increased earnings power and the recurring nature and predictability of subscription-based revenues, while also having the opportunity, if they choose, to receive $27.50 per share for a portion of their shares in the post-closing tender offer.”

    Kotick continued: “Vivendi Games provides Activision with unique strategic and financial benefits and will allow us to leverage our franchises into emerging online opportunities as Blizzard has done so successfully. Activision has been very focused on margin expansion, and this transaction will meaningfully increase our overall operating margins as we expand our franchises online and in new geographies. Diversifying our revenue base among subscription-based online, console and PC formats, as well as wireless and casual emerging opportunities, gives us the broadest platform to capitalize on industry growth. With Blizzard’s successful franchises, such as World of Warcraft, StarCraft and an exciting pipeline of yet-to-be announced titles, Vivendi Games’ and Blizzard’s management team will join with Activision’s strong and experienced leaders to become an even more powerful force for innovation in online and offline interactive entertainment across a wide range of platforms. This transaction also provides a unique relationship with Universal Music Group – the world’s largest music company – which will benefit Guitar Hero and further extend our sizable leadership position in music-based games.”

    Mike Morhaime, President and Chief Executive Officer of Blizzard, added: "Blizzard's industry-leading PC games business, with a track record of nine consecutive bestsellers and a global subscriber base of more than 9.3 million World of Warcraft players, is an exceptional fit for Activision's highly profitable console games business. From our interactions with the Activision team, it is clear we have much in common in terms of our approaches to game development and publishing. Above all, we are looking forward to continue creating great games for Blizzard gamers around the world, and we believe this new partnership will help us to do that even better than before.”

    Structure & Terms of Transaction

    Under the terms of the agreement, Vivendi Games will be merged with a wholly owned subsidiary of Activision. In the merger, shares of Vivendi Games will be converted into 295.3 million new shares of Activision common stock. Based on the transaction price of $27.50 per share of Activision common stock, this implies a value of approximately $8.1 billion for Vivendi Games. Concurrently with the merger, Vivendi will purchase 62.9 million newly issued shares of Activision common stock at a price of $27.50 per share – a premium of 31% to Activision’s average closing price over the past 20 trading days – for a total of $1.7 billion in cash. As a result of these transactions, Vivendi will own an approximate 52% ownership stake in Activision Blizzard on a fully diluted basis.

    Within five business days after closing the transaction, Activision Blizzard will launch a $4 billion all-cash tender offer to purchase up to 146.5 million Activision Blizzard common shares at $27.50 per share. The tender offer will be funded by Activision Blizzard’s cash on hand at closing, including the $1.7 billion in cash received from the Vivendi share purchase. In addition, Vivendi has agreed to acquire from Activision Blizzard additional newly issued shares for up to an additional $700 million of Activision common stock at $27.50 per share, the proceeds of which would also be used to fund the tender offer. Any remaining funds required to complete the tender offer will be borrowed by Activision Blizzard from Vivendi or third-party lenders. If the tender offer is fully subscribed, Vivendi will own an approximate 68% ownership stake in Activision Blizzard on a fully diluted basis.

    The transaction is expected to be immediately accretive in its first year post-closing for Activision’s stockholders and slightly accretive for Vivendi’s stockholders. Activision Blizzard is targeting pro forma operating income of $1.1 billion and pro forma earnings per share (EPS) in excess of $1.20 in calendar year 2009. The transaction is expected to be at least $0.20 accretive to Activision stockholders in calendar year 2009.
     
  2. Zenien Guest

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    Governance

    Activision Blizzard’s board of directors will be comprised of eleven members: six directors designated by Vivendi, two Activision management directors and three independent directors who currently serve on Activision’s board of directors. René Penisson, currently a member of the Management Board of Vivendi and Chairman of Vivendi Games, will serve as Chairman of Activision Blizzard. Brian Kelly, currently Co-Chairman of Activision, will serve as Co-Chairman of Activision Blizzard. The three independent directors will be Richard Sarnoff, Robert J. Corti and Robert Morgado. Other Activision Blizzard directors will be Robert Kotick (President and Chief Executive Officer of Activision Blizzard), Bruce Hack (Vice-Chairman and Chief Corporate Officer of Activision Blizzard), Jean-Bernard Lévy (Chairman of the Management Board and Chief Executive Officer of Vivendi), Doug Morris (Chairman and Chief Executive Officer of the Universal Music Group), Philippe Capron (Member of the Management Board and Chief Financial Officer of Vivendi), and Frédéric Crépin (Senior Vice President, Head of Legal, Vivendi).

    Management

    Following the completion of the transaction, Robert Kotick will be President and Chief Executive Officer of Activision Blizzard. Bruce Hack, current Chief Executive Officer of Vivendi Games, will serve as Vice-Chairman and Chief Corporate Officer of Activision Blizzard, accountable for leading the merger integration and the finance, human resources and legal functions. Mike Griffith will serve as President and Chief Executive Officer of Activision Publishing, which after closing will include the Sierra Entertainment, Sierra Online and Vivendi Games Mobile divisions in addition to the Activision business. Mike Morhaime will continue to serve as President and Chief Executive Officer of Blizzard Entertainment. Thomas Tippl, currently Chief Financial Officer of Activision, will be appointed Chief Financial Officer of Activision Blizzard and Jean-François Grollemund, currently Chief Financial Officer of Vivendi Games, will be appointed Chief Accounting Officer of Activision Blizzard.

    Conditions to Closing

    The transaction has been approved by the boards of directors of Vivendi, Vivendi Games and Activision. The transaction is subject to the approval of Activision's stockholders and the satisfaction of customary closing conditions and regulatory approvals, including expiration of applicable waiting periods and receipt of applicable approvals under the Hart-Scott-Rodino Antitrust Improvements Act and European Union merger control regulations. Pending regulatory and stockholder approval, the companies expect the transaction to be completed in the first half of calendar year 2008.

    Financial and Legal Advisors

    Activision’s financial advisor on the transaction is Allen & Company LLC and its legal counsel is Skadden, Arps, Slate, Meagher & Flom LLP. Vivendi’s financial advisor is Goldman, Sachs & Co. and Gibson, Dunn & Crutcher LLP is acting as legal counsel to Vivendi.

    Conference Call and Webcast Information

    The management of both companies will host a joint conference call and live webcast on Monday, December 3, 2007 at 8:30 a.m. ET, 2:30 p.m. Paris time, 1:30 p.m. London time to discuss this announcement. The companies welcome all members of the investment community to listen to the call live by dialing into (888) 765-5554 in the U.S. or (913) 312-1235 outside the U.S. The live webcast of the call can be accessed at www.vivendi.com and www.activision.com.

    For those unable to listen to the live conference call, an audio replay of the call will be available through December 17, 2007, approximately two hours after the call’s conclusion and can be accessed by calling (888) 203-1112 in the U.S. or (719) 457-0820 outside the U.S. and entering the pass-code: 5648597. In addition, a webcast replay also will be archived on the Investor Relations section of each company’s website.

    Activision Broadcast Media Center

    Broadcast quality video and web-streaming video is available in PAL and NTSC formats on Activision's Broadcast Media Center at http://activision.pondserver.com. Pathfire users can download video to their Digital Media Gateway by choosing the Pathfire Enabled file. All video is free of charge and its use is unrestricted.

    About Vivendi

    Vivendi is a global leader in digital entertainment with activities in music, TV, cinema, mobile, internet, and games through its ownership of Universal Music Group, Canal+ Group, SFR, Maroc Telecom and Vivendi Games. In 2006, Vivendi had revenues of over €20 billion and a global headcount of 39,000. Listed on the Paris Stock market, Vivendi is a member of the CAC 40. More information about Vivendi is available at www.vivendi.com.

    About Vivendi Games

    Vivendi Games is a global developer, publisher and distributor of multiplatform interactive entertainment. The company is the leader in the subscription-based massively multi-player online role-playing games (MMORPG) category and is building on its position in the PC, console and handheld games markets. Vivendi Games has a global presence, a history of franchise success, development teams around the world and a catalog of its own original and licensed material. Vivendi Games has approximately 4,000 employees and is driven by four creative divisions: Blizzard Entertainment, Sierra Entertainment, Sierra Online and Vivendi Games Mobile. Irvine, California-based Blizzard, creator of the Warcraft, StarCraft and Diablo games series, is by far the largest of the four entities with approximately 2,300 employees.

    About Blizzard Entertainment, Inc.

    Best known for blockbuster hits including World of Warcraft and the Warcraft, StarCraft, and Diablo series, Blizzard Entertainment, Inc. (www.blizzard.com), a division of Vivendi Games, is a premier developer and publisher of entertainment software renowned for creating some of the industry’s most critically acclaimed games. Blizzard Entertainment’s track record includes ten #1-selling games and multiple Game of the Year awards. The company’s online-gaming service, Battle.net®, is one of the largest in the world, with millions of active users.

    About Activision, Inc.

    Headquartered in Santa Monica, California, Activision, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment and leisure products. Founded in 1979, Activision posted net revenues of $1.5 billion for the fiscal year ended March 31, 2007. Activision has more than 2,000 employees worldwide.

    Activision maintains operations in the United States, Canada, the United Kingdom, France, Germany, Ireland, Italy, Scandinavia, Spain, the Netherlands, Australia, Japan and South Korea. More information about Activision and its products can be found on the company's World Wide Web site, which is located at www.activision.com.

    Calculation of Certain Estimates

    All financial information relating to Activision, Vivendi Games and Blizzard Entertainment included in this press release, including pro forma estimates for calendar year 2007, and projections for future periods, represent the companies' respective estimates and projections and were not prepared in accordance with U.S. Generally Accepted Accounting Principles. These estimates exclude the impact of expenses related to equity-based compensation and related tax benefits, potential one-time restructuring charges of up to $100 million that may be incurred in connection with the transaction, and the potential impact from non-cash intangible amortization resulting from purchase price accounting. In addition, these estimates assume continued net revenue growth as well as expense reductions and other synergies that may or may not be realized. Estimates for future periods are subject to significant inherent uncertainties, which increase with periods farther into the future. Actual results may differ materially and are subject to risks, including the risks described in the Cautionary Note below. To the extent that the estimates for calendar year 2007 are based on the historical performance of Activision and Vivendi Games through September 30, 2007, not all such historical information has been audited, the accounting policies of the companies may differ, and the two companies have different fiscal years. The financial information for Blizzard Entertainment contained in this press release is presented on a stand-alone basis and does not reflect the results of operations of other Vivendi Games divisions.

    Cautionary Note Regarding Forward-looking Statements

    Information in this press release that involves expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. In this release they are identified by references to dates after the date of this release and words such as "outlook," "will," "will be," "remains," "to be," "plans," "believes", "may", "expects," "intends," "should," "continue," and similar expressions. Factors that could cause actual future results to differ materially from those expressed in the forward-looking statements set forth in this release include, but are not limited to, the timing and successful completion of the transactions described in this release (including the timing and receipt of stockholder and regulatory approvals and the satisfaction of other closing conditions), the combined companies’ success in executing planned strategies and achieving assumed synergies and cost savings, sales of each company’s titles, shifts in consumer spending trends, the seasonal and cyclical nature of the interactive game market, the ability of Activision Blizzard to predict consumer preferences among competing hardware platforms (including next-generation hardware), declines in software pricing, product returns and price protection, product delays, retail acceptance of the company’s products, adoption rate and availability of new hardware and related software, industry competition, rapid changes in technology and industry standards, protection of proprietary rights, maintenance of relationships with key personnel, customers, vendors and third-party developers, international economic and political conditions, integration of recent acquisitions and identification of suitable future acquisition opportunities, and foreign exchange rate changes. Other such factors include, without limitation, the additional risks identified in Activision's most recent annual report on Form 10-K and in the documents Vivendi has filed with the Autorité des Marchés Financiers (French securities regulator) and which are also available in English on Vivendi’s website (www.vivendi.com). Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi.

    The forward-looking statements in this release are based upon information available to Activision and Vivendi as of the date of this release, and neither Activision nor Vivendi assumes any obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the companies’ control and may cause actual results to differ materially from current expectations.

    http://www.businesswire.com/portal/site/google/index.jsp?
     
  3. The Last Meatbag Registered

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    yo, dat **** be crazy :o...


    In a good way...I guess..
     
  4. XtromaniaK Registered

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    I entirely loathe oligopolies like this. The more gaming developers and publishers merge, the less quality games we are going to see because there a fewer independent studios that strive to make truly innovative games. Instead of the mainstream garbage that companies like Activision, etc. put out on a yearly basis.

    Prepare for there to be three - four major studios a decade from now, smoking out all trace of talent and making the gaming business as dull and lifeless as one of SOE's MMORPGs. :csad: :whatever:
     
  5. WhatsHisFace Registered

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    http://gamesindustry.net/content_page.php?aid=31138

    Activision Blizzard deal valued at $18.9 billion

    Activision and Vivendi Games are to merge, becoming the world's largest independent videogame publisher, in a deal valued at USD 18.9 billion

    The new company, Activision Blizzard,
    now boasts a portfolio bursting with some of the top-selling videogame franchises including Blizzard's World of Warcraft, Starcraft and Diablo, Vivendi's Crash Bandicoot and Spyro and Activision's Guitar Hero, Call of Duty and the Tony Hawk series.

    Activision shareholders are to receive USD 27.50 a share, a 24 per cent premium over Friday's close of USD 22.15. Vivendi Games will contribute USD 1.7 billion in cash to the company and take a 52 per cent stake.

    "This alliance is a major strategic step for Vivendi and is another illustration of our drive to extend our presence in the entertainment sector," commented Jean Bernard Levy, CEO of Vivendi.

    "The combined strength of the existing management teams at both companies will set the stage for further profitable growth of Activision Blizzard.

    "We look forward to being an active and supportive majority stockholder in a company that is poised to lead the worldwide interactive entertainment industry in the years ahead," he said.

    Shares of Vivendi Games will be converted into 295.3 million new shares of Activision, which values Vivendi Games at USD 8.1 billion. Vivendi will also purchase 62.9 million newly issued shares in Activision for USD 1.7 billion in cash.

    "By combining leaders in mass-market entertainment and subscription-based online games, Activision Blizzard will be the only publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry and reach the broadest possible audiences," commented Robert Kotick, CEO of Activision.

    "By joining forces with Vivendi Games, we will become the immediate leader in the highly profitable online games business and gain a large footprint in the rapidly growing Asian markets, including China and Korea, while maintaining our leading operating performance across North America and Europe," he added.

    Kotick will remain as chief executive of Activision Blizzard, while Vivendi Games boss Bruce Hack will become vice chairman and chief corporate officer. He will also lead the merger, expected to be compete in the first half of 2008.

    Activision also said that it will now have access to Universal Music Group, the world's largest music company, "which will benefit Guitar Hero and further extend our sizeable leadership position in music-based games."

    EA suddenly looks like a gnat.
     
  6. TheCorpulent1 SHAZAM!

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    Holy jeebus, that's a huge gaming company.
     
  7. Zenien Guest

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    Holy hell my thread was here first.
     
  8. Timstuff Registered

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    Well, I guess this means that Activision got tired of being second-fiddle to EA, and they saw this as their ticket to competing head to head. Personally, I would have rather seen EA get smaller than see another merger between their competitors, but on the other hand, at least now EA's dominance over the industry will not go as unchallenged as before.
     
  9. XtromaniaK Registered

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    Two completely mediocre companies challenging each other for the head of the gaming industry is not encouraging.
     
  10. Zenien Guest

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    I can't imagine that Marvel is at all happy with Activisions handling pf Spider-Man, post Spider-Man The Movie Game 2. :dry:
     
  11. XtromaniaK Registered

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    I can't imagine why anyone would be happy at all with 90% of those two companies' offerings. They're pretty much the pits of the gaming industry, and it seems they're looking to ruin even more developers.
     
  12. Hudson Registered

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    lots of fookin' money though.
     
  13. GFreeman Registered

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    I find it funny that the only thing worth mentioning about Vivendi was Blizzard.
     
  14. WhatsHisFace Registered

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    Well that's too bad.
     
  15. Zenien Guest

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    :cmad:

    Activision also said that it will now have access to Universal Music Group, the world's largest music company, "which will benefit Guitar Hero and further extend our sizeable leadership position in music-based games."

    You can bet, with Vivendi Music, none of those songs will appear on Rock Band.
     
  16. hippie_hunter The King is Back!

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    Activision Blizzard is such a stupid name. They should have just stuck with Activision's name.
     
  17. GFreeman Registered

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    Rock band is a trashy rip off anyways.
     
  18. Zenien Guest

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    [​IMG]

    Dude in picture not interviewee

    Q: What are the details of the deal?
    A: Under the terms of an agreement with Vivendi, Blizzard and the other companies that make up Vivendi Games will combine with Activision to form a new public company called Activision Blizzard. We do not anticipate any difference in Blizzard's operations as a result of the combination. Joining forces with Activision will create a stronger and more diversified company that we anticipate will benefit and strengthen both brands.

    Q: What will happen to the Blizzard brand name?
    A: The Blizzard brand name will stay the same as it's always been: Blizzard Entertainment, Inc.

    Q: What will change with regard to the day-to-day operations at Blizzard?
    A: There will be no changes in the way Blizzard operates. All of the people, processes, and philosophies that have made Blizzard so successful will be preserved. Blizzard will benefit from all-star sales and distribution teams to service our products. In addition, the combined company will be stronger financially, managerially, and operationally.

    Q: How will this impact Blizzard's games?
    A: This will not impact Blizzard's games. We remain committed to providing the same high-quality game content and support that we always have. Development on Wrath of the Lich King and StarCraft II, as well as on our unannounced games, is continuing as normal.

    Q: Will there be any visible differences in Blizzard's logo or packaging/marketing materials as a result of this deal?
    A: No, there won't be any changes to our company name, logo, packaging/marketing materials, or anything else along those lines.

    Q: Will there be any management changes at Blizzard as a result of this deal?
    A: No, there won't be any management changes at Blizzard as a result of the combination.

    Q: Will Activision and Blizzard now share development teams?
    A: No, both of our companies will continue to operate as they have previously with regard to game development.

    Q: Will the release schedules for any Blizzard games be impacted?A: No, the transaction will not have any impact on our games, our day-to-day operations, or our release timelines.

    Q: Will any of Blizzard's offices close as a result of the deal? Or, will any new offices open?
    A: No, all of our offices will continue to function as they have, and we don't foresee the need to open any new offices for the time being.

    Q: Will any employees move to different offices as a result of the deal?
    A: We don't anticipate making any such moves as a result of the deal.

    Q: Does this deal include Activision's and Blizzard's international offices?
    A: Yes, every part of our companies in the U.S. and abroad is involved in this deal.

    Q: If Activision Blizzard is a public company, does that mean I'll now be able to buy stock in Blizzard?
    A: Activision will be renamed Activision Blizzard, Inc and will continue to be a publicly listed company traded on NASDAQ. You will be able to buy stock in the combined company.

    Q: When will the transaction be complete?
    A: The transaction is subject to approval of Activision shareholders, customary closing conditions, and regulatory approvals. Pending approval, the companies expect the transaction to be completed by mid 2008.
     
  19. GFreeman Registered

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    Men shouldn't sit like that :dry:

    Also, I have a feeling this is going to make EA gobble up Valve or somebody else I don't want to see under EA.
     
  20. WhatsHisFace Registered

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    The FAQ is just Blizzard questions. Haha... no one gives a crap about Treyarch.
     
  21. Arkady Rossovich Registered

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    This can be a good thing.It isn't the 90's where we can have dozens of Video Game companies and make money.The market has gotten a bit small,and there needs to be strength,not really numbers.
     
  22. Zenien Guest

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    Well actually the market has been growing exponentially year over year, but costs have also been skyrocketting.
     
  23. GL1 It's pronounced "glee"

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    One thought overwhelms: This is SO not about the games.

    This is about a bunch of execs and stockholders making more money. Listen to them spout on about how this merger is so "incredible" because of the sales of the two companies. I don't even think any of these guys have played the games that fill their pockets.

    And to make it clear to GL1 that this is not about the games, in the least, we have an interview (with a mysterious proxypictured person) that states that the games are unaffected.

    We'll see what happens with Activision, but it doesn't look promising, if it's anything at all.
     
  24. hippie_hunter The King is Back!

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    I support this merger on the basis on the way EA has been acting lately, they don't want to lose their first place position. And frankly with studios such as Blizzard, Infinity Ward, Bizarre and franchises such as Call of Duty, Guitar Hero, and World of Warcraft, Activision really has a chance to overtake EA.

    Hopefully, it'll get EA to make better games if they want to keep their first place position. :o
     
  25. GFreeman Registered

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    I don't think EA cares about being first. That's just a pissing contest. They care about making as much money as they can. So I don't think this will really whip them into shape or anything. If anything, they'll see this Activision business as taking a piece of their pie, and they'll flood the market with shovelware to get it back.
     

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