Why the $70B Activision-Microsoft deal could hurt Sony
Why the $70B Activision-Microsoft deal could hurt Sony
Wedbush Securities analyst Michael Pachter named $Activision Blizzard(ATVI.US)$ his top stock for 2022 at the end of December. Those who followed Pachter into Activision are already reaping the benefits, as the stock surged higher by more than 35% Tuesday morning before pulling back.
韦德布什证券分析师迈克尔·帕切特任命$动视暴雪(ATVI.US)$他在12月底时的2022年最高股票。那些追随Pachter进入Activision的公司已经收获了好处，该公司股价周二上午飙升逾35%，随后回落。
What Happened: $Microsoft(MSFT.US)$ plans to acquire Activision for $95 per share in an all-cash transaction valued at $68.7 billion.
怎么了: $微软(MSFT.US)$ 计划以每股95美元的全现金交易收购Activision，交易价值687亿美元。
Activision has come under pressure in recent months following reports of sexual misconduct and harassment by some of the company's executives. Activision CEO Bobby Kotick will continue to serve as CEO until 2023.
近几个月来，Activision面临压力，此前有报道称，该公司一些高管存在性行为不当和性骚扰行为。Activision首席执行官鲍比·科蒂克将继续担任首席执行官直到2023年。
How Microsoft Benefits: Activision revenues are expected to total about $8.5 billion to $9 billion, he said, adding that the gaming industry is a $100-billion market. Pachter told Benzinga's "PreMarket Prep" that Activision's revenue concentration isn't great, but it's big enough to have a meaningful impact.
微软如何受益：Activision的总收入预计约为85亿至90亿美元，他补充说，游戏行业是一个1000亿美元的市场。帕切特告诉Benzinga的“上市前准备”，Activision的收入集中度不是很高，但它足够大，足以产生有意义的影响。
The situation to monitor is Microsoft's anti-competitive initiative with some of Activision's popular games, according to Pachter. Activision has a handful of games that are popular on both Xbox and $Sony(SONY.US)$ PlayStation. If this acquisition goes through, Microsoft could opt to make some of its games exclusive to the Xbox platform, he said.
根据帕切特的说法，需要监控的情况是微软对Activision的一些流行游戏的反竞争举措。Activision有几款在Xbox和$索尼(SONY.US)$游戏机。他说，如果此次收购获得通过，微软可能会选择将其一些游戏独家用于Xbox平台。
"If you can't ever play 'Call of Duty' again on the PlayStation, it's going to kill PlayStation sales," Pachter said.
“如果你再也不能在PlayStation上玩‘使命召唤’了，它会扼杀PlayStation的销量。”帕切特说。
The Wedbush analyst noted Microsoft may also be acquiring Activision to enter the mobile gaming market.
韦德布什的分析师指出，微软可能还会收购Activision，以进入手机游戏市场。
"Activision is huge in mobile," he said. "They are going to be $3.5-billion mobile and Microsoft is essentially zero in mobile so that's a big move."
他说：“动视在移动领域的影响力很大。”“他们的移动业务将达到35亿美元，而微软在移动业务上基本上是零，所以这是一个大动作。”
Pachter thinks Activision is worth about $120 per share.
帕切特认为Activision每股价值约120美元。
"Microsoft is getting a pretty good value," he said. "I'm more surprised that Activision is accepting it."
“微软获得了相当不错的价值，”他说。“我更惊讶的是，动视公司居然接受了它。”
Pachter went on to talk about the impacts of the acquisition on the rest of the gaming market and more.
帕切特接着谈到了此次收购对其他游戏市场的影响等。