FTC Sues to Block Microsoft’s Purchase of Activision, DocuSign CEO Allan Thygesen on Earnings & Procore CEO Tooey Courtemanche on Enterprise Software Demand 12/9/22

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Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 9 December 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Steve Kovach covering the FTC suing Microsoft to block the company’s acquisition of Activision-Blizzard, and our Julia Boorstin reports on another high-profile set of hearings between Meta and the FTC. Then, Verge Editor-in-Chief Nilay Patel discusses the state of tech M&A, and DocuSign CEO Allan Thygesen joins as shares surge after beating the Street in Q3. Next, BMO Wealth Management Chief Investment Strategist Yung-Yu Ma takes a deep dive into opportunities in the chip space, and we circle back to the FTC’s lawsuit against Microsoft with CNBC’s Kayla Tausche. Later, we share highlights from the latest episode of our Carl Quintanilla’s “Binge” digital series with the creative team behind Netflix docu-drama “The Playlist,” and construction software firm Procore CEO Tooey Courtemanche offers his outlook for enterprise demand.

Transcript

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0:00.0	I'm Julia Borsden, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern, listen in.
0:07.7	Good Friday morning. Welcome to Tech Check. I'm Carl Keentineer with John Ford. Deirdre Bosa has the morning off.
0:13.7	Today is it game over from Microsoft. The FTC suing the tech giant over that proposed $69 billion
0:19.6	takeover of Activision Blizzard. What it means for the company and the rest of the tech sector over that proposed $69 billion takeover of Activision Blizzard.
0:21.6	What it means for the company and the rest of the tech sector will turn to enterprise software later on and demand in the face of this uncertain economy.
0:28.6	We'll check in with the CEOs of DocuSign and ProCore.
0:31.6	Sam Bankman-Freed says he's ready to testify after missing last night's deadline.
0:36.6	The fallen crypto mogul says he is willing to speak to Congress next week, even if he doesn't have all the information that he'd like. Let's begin with Microsoft, though. As you know, the Federal Trade Commission suing to try and block its planned acquisition of Activision Blizzard. Microsoft had offered $68.7 billion for the video game developer
0:55.8	in January, almost a year ago, with the intent of closing in June of next year. The FTC voted
1:02.5	3 to 1, the issue of the complaint, the Trump appointed Commissioner Christine Wilson, voting no.
1:07.4	FTC calls out anti-competitive behavior and specifically the recent announcement that Microsoft
1:12.3	plans to make upcoming games from its 2021 acquisition Xenamax media exclusive to Xbox.
1:18.6	After assuring European antitrust authorities, it would not. But Microsoft is not backing down.
1:23.9	Brad Smith, another response, quote, we have been committed since day one to addressing
1:29.2	competition concerns, including by offering earlier this week proposed concessions to the FTC.
1:35.1	While we've believed in giving peace a chance, we have complete confidence in our case and welcome
1:40.3	the opportunity to present our case in court.
1:44.2	Activision Blizzard CEO Bobby Kodick pushed back as well in a memo to employees,
1:48.0	quote, the allegation that this deal is anti-competitive doesn't align with the facts,
1:52.4	and we believe we'll win this challenge.
1:54.8	The complaint outlines a hearing in August, which if it sticks, means any Dale may need
2:00.1	to be delayed.
	...

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