Microsoft battles FTC in court
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 23 June 2023
⏱️ 7 minutes
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Friday, June 23rd, and I'm your host Julie Morgan. |
| 0:12.0 | Microsoft is facing off against the FTC |
| 0:14.8 | over its planned acquisition of Activision. |
| 0:17.4 | Ford is reportedly prepping for another round of layoffs |
| 0:20.6 | and Virgin Galactic files to make a new offering. |
| 0:24.9 | Today is day two in a trial between Microsoft and the Federal Trade Commission. |
| 0:29.1 | The two are facing off in a San Francisco court as the regulator tries to block the 69 billion dollar |
| 0:34.9 | planned acquisition of Activision. |
| 0:37.3 | Thursday, Activision rose 1.7%. The trial is set to last five days. |
| 0:43.0 | Last Monday, the FTC filed for a preliminary injunction to block the acquisition, |
| 0:48.0 | saying that the regulator feared Microsoft may try to close the purchase even though the FTC had originally |
| 0:55.1 | challenged it in December. |
| 0:57.2 | Microsoft's CEO, Activision CEO, and the head of Microsoft's Xbox unit are set to appear in court as witnesses. |
| 1:05.4 | Jim Ryan, head of Sony's video game business, is expected to testify through a video deposition. |
| 1:11.4 | Sony has voiced its opposition to the deal for months. |
| 1:14.8 | The Activision Microsoft Deal has a termination deadline of July 18th, after which the parties |
| 1:20.2 | can walk away, extend, or renegotiate the deal. |
| 1:24.0 | While the FTC trial is important, |
| 1:26.2 | investors are also keenly focused on the appeals court |
| 1:29.7 | in the UK, where the country's antitrust regulator blocked the deal earlier this year. |
| 1:34.7 | A UK appeals court is set to hear the appeal next month. |
... |
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