Activision Blizzard Pauses BlizzCon: What Investors Should Know

Activision Blizzard Inc ATVI delayed and cancelled the last couple BlizzCon events due to the COVID-19 pandemic and is now pausing plans for the next one. 

What Happened: Blizzard announced Tuesday it is pausing the next BlizzCon.

“We’ve decided to take a step back and pause on planning the previously announced BlizzCon online event scheduled for early next year,” the company said in a blog post.

The company said that it feels the energy that could be put toward hosting the online event will be better used in “supporting our teams and progressing development of our games and experiences.”

Blizzard said it will make announcements and updates for its games in the future, despite not holding BlizzCon in February.

“We have a lot of exciting upcoming news and releases to share with you.”

Related Link: Overwatch 2 Chief Chacko Sonny Is Leaving Blizzard: Why This Could Be a Big Deal For Activision 

Why It’s Important: The move from Activision Blizzard comes as the company is facing allegations of a toxic workplace and a “frat boy” work environment.

The company has lost several executives, including many of the top names for the Blizzard unit. J. Allen Brack served as the president of Blizzard before stepping down in August. Brack was the executive producer of “World of Warcraft” and spent 15 years with Blizzard.

Jeff Kaplan, the director of “Overwatch,” left the company in April. “Diablo 4” game director Luis Barriga and lead designer Jess McCree were both let go by the company. “World of Warcraft” designer Jonathan LeCraft was let go by the company. “Overwatch” executive producer Chacko Sonny left the company in September.

Jen Oneal and Mike Ybarra were announced as the co-leaders of Blizzard in August.

Many gamers and Activision Blizzard investors were likely hoping to get an update on “Overwatch 2,” a highly anticipated sequel. The game does not have a release date and many believed the game would come in the second quarter of 2022.

Activision Blizzard has typically used the BlizzCon event to highlight upcoming releases.

BlizzCon 2019 showed off footage from “Diablo IV” and served as the place the company officially announced “World of Warcraft: Shadowlands,” “Overwatch 2” and “HearthStone: Descent of Dragons.”

Activision Blizzard will report third-quarter earnings Nov. 2.

ATVI Price Action: ATVI shares were trading down 1.34% to $79.68 midday Wednesday. Shares are down 13% year-to-date.