The winners and losers from the $69bn Microsoft-Activision mega-deal

THE GAME is on. Or so ruled an American appeals court on July 14th when it threw out another effort by the Federal Trade Commission to block Microsoft’s $69bn acquisition of Activision Blizzard, a games developer, which a federal judge had cleared three days earlier. A few days later Sony and Microsoft agreed to keep “Call of Duty”, Activision’s hit first-person shooter, on Sony’s PlayStation console, increasing the pressure on…