The daily business briefing: April 27, 2023

U.K. antitrust regulators block Microsoft's acquisition of Activision Blizzard, Meta reports strong earnings as AI boosts traffic and ad sales on Facebook and Instagram, and more

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1. U.K. regulator blocks Microsoft acquisition of Activision Blizzard

Britain's antitrust regulator said Wednesday it was blocking Microsoft's purchase of Activision Blizzard, saying the deal would lead to "reduced innovation and less choice for U.K. gamers over the years to come." Microsoft already has a 60 percent to 70 percent share in cloud gaming globally, and the $69 billion acquisition woule make it "even stronger," the U.K. Competition and Markets Authority said. Antitrust regulators in other countries also are trying to disrupt what would be one of the tech industry's biggest deals. The Federal Trade Commission in the U.S. filed a lawsuit in December seeking to thwart Microsoft's takeover of the game maker. A hearing in that case is scheduled for August.

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