FTC v. Microsoft Corporation

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

FEDERAL TRADE COMMISSION, No. 23-15992

Plaintiff-Appellant, D.C. No. 3:23-cv- 02880-JSC v.

MICROSOFT CORPORATION; OPINION

ACTIVISION BLIZZARD, INC.,

Defendants-Appellees.

Appeal from the United States District Court for the Northern District of California Jacqueline Scott Corley, District Judge, Presiding

Argued and Submitted December 6, 2023 San Francisco, California

Filed May 7, 2025

Before: Daniel P. Collins, Danielle J. Forrest, and Jennifer Sung, Circuit Judges.

Opinion by Judge Collins SUMMARY *

Clayton Act

The panel affirmed the district court’s denial of a motion by the Federal Trade Commission (“FTC”) for preliminary injunctive relief against Microsoft’s acquisition of the video game developer Activision Blizzard, Inc. The merger is the subject of an administrative proceeding that remains pending before the FTC. In its administrative complaint and in seeking a preliminary injunction in the district court, the FTC asserted that the merger would likely violate § 7 of the Clayton Act because, viewing the merger as a…