Microsoft's Big Move: A Shift in the Industry

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Microsoft has announced a deal to buy Activision Blizzard. Along with a number of titles, Xbox will now own titles such as Overwatch, Crash Bandicoot, Tony Hawk's Pro Skater, Call of Duty and many more. What does this acquisition mean for game studios that are under each of these giants? What happens to newer releases and how are they going to be owned in the future?