The Federal Trade Commission (FTC) has lost its appeal of a ruling in its case against Microsoft’s $68.7 billion acquisition of Activision Blizzard. In 2023, the FTC requested a preliminary injunction to prevent the companies from finalizing the deal while its legal challenge to the acquisition from 2022 was in progress.

The 9th Circuit Court of Appeals issued an opinion Wednesday affirming a denial of a preliminary injunction the FTC had sought for Microsoft's now-completed acquisition of Activision Blizzard.

While many governing bodies around the world approved of the deal, the USA's Federal Trade Commission was one of the few to stand against it — in fact, it's still fighting its corner. Essentially, the FTC has been fighting the acquisition since it was first mooted, arguing that it would be harmful to industry competition.