New York (CNN Business)Microsoft on Tuesday announced plans to acquire Activision Blizzard in a blockbuster deal worth nearly $70 billion. It's one of the biggest acquisitions in the tech industry in recent years, one that will boost Microsoft's standing in the growing gaming industry but could be complicated by recent concerns about Activision's toxic culture.
The all-cash transaction is valued at $68.7 billion, and Microsoft says it will make the company the third-largest gaming company by revenue, after Tencent and Sony.
Bobby Kotick, the controversial CEO of Activision Blizzard, will continue in his role, according to a press release detailing the announced acquisition. Activision employees had previously staged walkouts and called on Kotick to step down for having allegedly been aware of widespread harassment and discrimination problems at the company for years.
California's Department of Fair Employment and Housing filed a lawsuit against Activision Blizzard in August 2021 alleging a "frat boy" work culture that subjected female employees to discrimination, sexual harassment and unequal pay. It further alleged that "the company's executives and human resources personnel knew of the harassment and failed to take reasonable steps to prevent the unlawful conduct, and instead retaliated against women who complained."
J. Allen Brack, Activision's then-President, left his post following the allegations, and Activision hired an outside firm to investigate, taking cues from...
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