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.
韋德布什證券分析師邁克爾·帕切特任命$動視暴雪(ATVI.US)$他在12月底時的2022年最高股票。那些追隨Pachter進入Activision的公司已經收穫了好處，該公司股價週二上午飆升逾35%，隨後回落。
What Happened: $Microsoft(MSFT.US)$ plans to acquire Activision for $95 per share in an all-cash transaction valued at $68.7 billion.
怎麼了: $微軟(MSFT.US)$ 計劃以每股95美元的全現金交易收購Activision，交易價值687億美元。
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.
近幾個月來，Activision面臨壓力，此前有報道稱，該公司一些高管存在性行為不當和性騷擾行為。Activision首席執行官鮑比·科蒂克將繼續擔任首席執行官直到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.
微軟如何受益：Activision的總收入預計約為85億至90億美元，他補充説，遊戲行業是一個1000億美元的市場。帕切特告訴Benzinga的“上市前準備”，Activision的收入集中度不是很高，但它足夠大，足以產生有意義的影響。
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.
根據帕切特的説法，需要監控的情況是微軟對Activision的一些流行遊戲的反競爭舉措。Activision有幾款在Xbox和$索尼(SONY.US)$遊戲機。他説，如果此次收購獲得通過，微軟可能會選擇將其一些遊戲獨家用於Xbox平臺。
"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‘使命召喚’了，它會扼殺PlayStation的銷量。”帕切特説。
The Wedbush analyst noted Microsoft may also be acquiring Activision to enter the mobile gaming market.
韋德布什的分析師指出，微軟可能還會收購Activision，以進入手機遊戲市場。
"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."
他説：“動視在移動領域的影響力很大。”“他們的移動業務將達到35億美元，而微軟在移動業務上基本上是零，所以這是一個大動作。”
Pachter thinks Activision is worth about $120 per share.
帕切特認為Activision每股價值約120美元。
"Microsoft is getting a pretty good value," he said. "I'm more surprised that Activision is accepting it."
“微軟獲得了相當不錯的價值，”他説。“我更驚訝的是，動視公司居然接受了它。”
Pachter went on to talk about the impacts of the acquisition on the rest of the gaming market and more.
帕切特接着談到了此次收購對其他遊戲市場的影響等。