UK authorities block Microsoft's record $69 billion Activision Blizzard acquisition over competitive concerns in cloud gaming

The UK's Competition and Markets Authority vetoed the deal, arguing it would lessen competition in cloud gaming and could lead to price hikes.
The move deals a major blow to Microsoft's gaming ambitions and comes as the tech giant reported earnings that beat estimates.
Microsoft and Activision Blizzard plan to appeal the decision, with Activision's CEO calling the ruling "irrational" and Microsoft's vice chair saying it was "a bad day for Britain."
The merger still faces reviews from EU and US regulators, with the FTC threatening a lawsuit to halt the deal over competitive concerns.
Analysts say the UK ruling significantly dims the likelihood of the deal moving forward given the degree of global regulatory scrutiny.