Microsoft-Activision Isn’t the End of Video Game M&A – It’s Just the Beginning | Analysis

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The market saw deals worth $38 billion in 2022, and 2023 could see more

video game M&A
Microsoft's acquisition of Activision Blizzard is facing opposition in the UK. (Dall-E, Jethro Nededog/TheWrap)

Video game IP has become hotter than ever in Hollywood, with films like the “Super Mario Bros. Movie” and television shows like “The Last of Us” dominating box office returns and streaming charts in recent months.

Microsoft’s $68.7 billion deal to buy Activision looks to be on the ropes after UK authorities moved to block it last week. But the need to fill all kinds of displays, from smartphones to consoles to 79-foot Imax projection screens, with engaging stories is only growing. Experts say more consolidation between streaming, gaming and other tech-driven media is likely, with regulators putting the brakes on only the very largest transactions.