Why Activision Blizzard Stock Is Moving Higher Monday

Activision Blizzard, Inc ATVI shares are trading higher Monday after Sony Group Corp SONY and Microsoft Corp MSFT reached an agreement to keep "Call of Duty" games on PlayStation consoles. 

What To Know: Microsoft Gaming CEO Phil Spencer took to Twitter over the weekend to make the announcement. 

"We are pleased to announce that Microsoft and @PlayStation have signed a binding agreement to keep Call of Duty on PlayStation following the acquisition of Activision Blizzard," Spencer said in a tweet. 

Early last year, Microsoft announced a planned acquisition of Activision for $95 per share, valued at $68.7 billion. Activision is the maker of the "Call of Duty" franchise.

Since that time, regulators across the globe have raised concerns about Microsoft's position in the gaming world if the takeover were to be completed. Microsoft's Xbox is a direct competitor of Sony's Playstation. 

On Sunday, Microsoft vice chair Brad Smith said, "From Day One of this acquisition, we’ve been committed to addressing the concerns of regulators, platform and game developers, and consumers. Even after we cross the finish line for this deal’s approval, we will remain focused on ensuring that Call of Duty remains available on more platforms and for more consumers than ever before."

See Also: US Stocks Could Start Week On Uneasy Footing Ahead Of Earnings; Why This Analyst Sees Scope For Further Upside

ATVI Price Action: Activision shares were up 4.03% at $93.70 at the time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.