Microsoft is set to acquire Call of Duty, World of Warcraft, and Overwatch maker Activision Blizzard for $68.7 billion. The Redmond-based company said in a press release the deal will accelerate the growth in its gaming business and will provide "building blocks for the metaverse."

Microsoft CEO Satya Nadella says the acquisition will play a "key role in the development of metaverse platforms." He added:

We’re investing deeply in world-class content, community and the cloud to usher in a new era of gaming that puts players and creators first and makes gaming safe, inclusive and accessible to all.

While the deal is yet subject to regulatory approval, Microsoft hopes to close it in the fiscal year 2023. According to reports, Activision Blizzard's current head Bobby Kotick is expected to leave once Microsoft's takeover goes through.

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As To The Moon earlier reported, Facebook also has accelerated its metaverse-related initiatives as Mark Zuckerberg prefers virtual reality meetings to physical ones and has even encouraged others to do the same.