The FTC has resumed its administrative case against the proposed acquisition of Activision Blizzard by Microsoft.
According to the "Order returning matter to adjudication" published by the regulator and signed by its secretary April J. Tabor, the FTC believes that "the public interest warrants that this matter be resolved fully and expeditiously."
The case had been paused back in July according to the commission's rules of practice and after both the district court and the court of appeals denied the emergency injunctions requested by the FTC against the acquisition.
Now, the case is set to resume with the evidentiary hearing ordered to go forward 21 days after the Ninth Circuit Court of Appeals publishes its decision mentioned above,
Incidentally, the order also states that said evidentiary hearing will be publicly broadcasted either via telephone or livestreaming.
Of course, this doesn't mean that the FTC can effectively block the acquisition from happening before the hearing. It has no power to do so without a preliminary injunction that has not been granted.
Microsoft and Activision are working toward closing the deal following the British CMA's issuance of preliminary approval of the acquisition, following Microsoft's offer to sell Activision's cloud streaming rights to Ubisoft.
The British regulator is expected to deliver its final approval soon, much before the FTC can effectively act to block the merger.
The acquisition will likely close before the FTC can hold its administrative adjudication, which means that the regulator would have to seek a divestiture after the fact, which would be an uphill and prolonged battle.
The FTC issued an administrative complaint seeking to block the $68.7 billion acquisition of Activision Blizzard by Microsoft in December 2022.
Since then, regulators from all over the world have gradually approved the deal, leaving the US regulator effectively alone in its formal opposition.
That being said, that opposition has been, so far, largely ineffective since the courts have rejected the FTC's attempts to obtain a preliminary injunction that would give it the time required to complete its administrative process.
