Microsoft closed the Activision Blizzard deal, and it's one of the biggest gaming acquisitions ever. They now own Call of Duty, Overwatch, World of Warcraft, Diablo, Candy Crush - the list goes on. This puts Microsoft as the third-largest gaming company by revenue, behind only Tencent and Sony.

The real play here is Game Pass. Microsoft wants to pack these titles into their subscription service by 2024, turning gaming into a Netflix model. That's the strategy - not selling individual games, but locking people into monthly subscriptions.

Microsoft keeps saying Activision games won't become Xbox exclusives, but I don't believe them. Sony doesn't either, which is why they forced a 10-year deal for Call of Duty. Nobody signs a 10-year agreement unless they think there's a real threat. Once that deal expires, we'll see what Microsoft really intends.

Bobby Kotick's staying until the end of 2023. That's the CEO who oversaw years of workplace culture scandals at Activision Blizzard. Microsoft probably wants him to smooth the transition, but keeping him on sends a bad message about what they prioritize. The faster he's gone, the better.