Name: 微軟贏得美國聯邦貿易委員會收購動視暴雪之戰 (Microsoft wins FTC fight to buy Activision Blizzard)
Uploaded: 2025-06-17T15:27:07.000Z
Duration: 8 min 25 s

Microsoft's $69 billion plan to acquire Activision Blizzard has turned into one of the hottest legal battlegrounds in gaming history.

微軟以 690 億美元收購動視暴雪的計劃已成為遊戲史上最熱門的法律戰場之一。

Microsoft is fighting with regulators across the US, in Europe and in the UK, trying to convince them that this deal is good for gamers.

微軟正在與美國、歐洲和英國的監管機構交涉，試圖說服他們這筆交易對遊戲玩家有利。

程度副詞

Meanwhile, competitor Sony has warned of dire consequences, and in a surprise decision, the UK's Competition and Markets Authority warned last week that the deal could be too great a threat to competition.

與此同時，競爭對手索尼公司也警告說這將帶來可怕的後果，而英國競爭和市場管理局上週也出人意料地警告說，這項交易可能會對競爭造成巨大威脅。

那麼，監管機構為什麼會擔心呢？

And will this ultimately change how you play your games?

這最終會改變你玩遊戲的方式嗎？

Microsoft and Sony have spent the past few years on an almost unprecedented shopping spree.

在過去幾年裡，微軟和索尼幾乎史無前例地瘋狂購物。

Back in 2017, Microsoft had less than 10 first-party Xbox game studios, now it's up to And Sony's not even that far behind, with about 20 in-house game studios for PlayStation.

早在 2017 年，微軟的第一方 Xbox 遊戲工作室還不到 10 家，現在已經達到了 索尼也不甘落後，PlayStation 大約有 20 家內部遊戲工作室。

Now, if Microsoft manages to get this Activision Blizzard deal over the line, it's going to have more than 30 game studios in total.

現在，如果微軟能順利完成與動視暴雪的交易，那麼它將總共擁有 30 多家遊戲工作室。

There have been some absolutely huge gaming deals across the industry, and they could reshape how games are made and where they're played.

在整個行業中，已經有一些絕對巨大的遊戲交易，它們可能會重塑遊戲的製作方式和玩法。

And recent headlines have focused on one series in particular, Call of Duty.

最近的頭條新聞尤其集中在一個系列上，那就是《使命召喚》。

It is one of the most played titles across both Xbox and PlayStation, and that's got Sony worried.

這款遊戲是 Xbox 和 PlayStation 上玩家最多的遊戲之一，這讓索尼公司很擔心。

It has emerged as one of the main opponents to the Activision deal, arguing to regulators that Microsoft may use its newfound powers to neglect, or even intentionally sabotage, the Call of Duty experience on PlayStation, or remove the game from stores entirely.

該公司已成為動視交易的主要反對者之一，它向監管機構表示，微軟可能會利用其新獲得的權力，忽視甚至故意破壞 PlayStation 上的《使命召喚》體驗，或將該遊戲從商店中完全撤下。

Now, Microsoft has offered up 10-year Call of Duty licensing deals to Sony, Nvidia, Nintendo, and many others, but they all rely on the Activision deal being approved by regulators.

現在，微軟已經向索尼、Nvidia、任天堂和其他許多公司提供了為期 10 年的《使命召喚》授權協議，但它們都依賴於監管機構準許動視的協議。

And Sony has so far refused to sign a deal, instead taking its concerns directly to regulators and filing extensive arguments with the CMA.

索尼至今仍拒絕簽署協議，而是直接向監管機構表達了自己的擔憂，並向英國證監會提交了大量論據。

Meanwhile, Microsoft has gone on the offensive, with digital and newspaper ads aimed at UK regulators, and the company's even been waving around paper envelopes in Europe, trying to make sure everyone is aware that Sony doesn't want to sign a deal.

與此同時，微軟也採取了攻勢，向英國監管機構投放了數字廣告和報紙廣告，該公司甚至還在歐洲揮舞著紙質信封，試圖讓每個人都知道索尼不想簽署協議。

I walk around with an envelope that contains the definitive agreement that we set to Sony.

我拿著一個信封四處走動，信封裡裝著我們與索尼公司達成的最終協議。

This fight sometimes has, quite frankly, gotten ridiculous.

坦率地說，這種爭吵有時變得很可笑。

There's Microsoft on one side, arguing that Call of Duty isn't that important, and, you know, we're spending 69 billion dollars, but hey, don't worry about Call of Duty.

一邊是微軟，他們認為《使命召喚》沒那麼重要，我們花了 690 億美元，但不用擔心《使命召喚》。

Whereas Sony's saying it's irreplaceable, and it could seriously damage their PlayStation business if Microsoft were to take it away and make Call of Duty an Xbox exclusive.

而索尼則認為它是不可替代的，如果微軟把它拿走，讓《使命召喚》成為 Xbox 獨佔遊戲，會嚴重損害他們的 PlayStation 業務。

Sony even told UK regulators recently that it was worried about Microsoft sabotaging its ability to win digital foundry comparisons, the be-all and end-all of video game reviews that focus on the quality and performance of games.

索尼最近甚至向英國監管機構表示，它擔心微軟會破壞其在數字代工廠比較中獲勝的能力，而數字代工廠比較是視頻遊戲評論的全部和終極，其重點是遊戲的品質和性能。

Microsoft would probably face a serious backlash and financial consequences if it was to do that, but you can see why Sony might be nervous here.

如果微軟這樣做，可能會面臨嚴重的反彈和經濟後果，但你也可以理解為什麼索尼會在這裡感到緊張。

There's real potential for Microsoft just to not support unique PlayStation features on a future version of Call of Duty, or to even remove or block those marketing deals that Sony relies on to offer up exclusive Call of Duty content to its PlayStation players.

微軟確實有可能在未來版本的《使命召喚》中不支持 PlayStation 的獨特功能，甚至刪除或阻止索尼賴以向 PlayStation 玩家提供獨家《使命召喚》內容的營銷交易。

And while Microsoft's offering up all these 10-year licensee deals, it has no qualms about locking up some of the other games it's acquired.

微軟在提供所有這些為期 10 年的授權協議的同時，也毫不猶豫地鎖定了它收購的其他一些遊戲。

After purchasing Bethesda, it's turned the highly anticipated sci-fi adventure game Starfield into an Xbox and PC exclusive.

收購貝塞斯達公司後，備受期待的科幻冒險遊戲《星際爭霸》（Starfield）變成了 Xbox 和 PC 獨佔遊戲。

And also, according to one person working on the co-op vampire shooter Redfall, the team ditched plans for a PS5 version of the game because Microsoft said it wasn't interested.

另外，據一位合作開發吸血鬼射擊遊戲《Redfall》的工作人員稱，該團隊放棄了 PS5 版本的遊戲計劃，因為微軟表示對該遊戲不感興趣。

The deal would also give Microsoft a foot in the door for mobile gaming.

這筆交易還將使微軟在移動遊戲領域邁出堅實的一步。

Activision publishes the popular Call of Duty mobile game, and it also owns King, makers of Candy Crush, Farm Heroes, and much more.

動視發行流行的手機遊戲《使命召喚》，它還擁有《糖果粉碎》、《農場英雄》等遊戲的製造商 King。

Microsoft barely has a mobile presence right now, it's betting on a future where it can build an Xbox mobile game store to take on Apple and Google.

微軟現在幾乎沒有移動業務，但它正把賭注押在未來，希望能建立一個 Xbox 移動遊戲商店，與蘋果和谷歌抗衡。

But this deal isn't just about access to popular games, and neither are regulators' fears about it.

但這筆交易並不僅僅是為了獲得熱門遊戲，監管機構對此也並不擔心。

Microsoft, Sony and other game companies see subscriptions as a big part of the future of gaming.

微軟、索尼和其他遊戲公司都將訂閱視為未來遊戲的重要組成部分。

And just like how Apple, Netflix and Disney are all fighting over the best TV shows and movies, Microsoft wants the hottest games on Xbox Game Pass.

就像蘋果、Netflix 和迪士尼都在爭奪最好的電視節目和電影一樣，微軟也希望在 Xbox Game Pass 上獲得最熱門的遊戲。

And as game platforms look more and more like streaming services, their owners are adding these game streaming options to their subscriptions.

隨著遊戲平臺越來越像流媒體服務，其所有者也將這些遊戲流媒體選項添加到訂閱中。

During the pandemic, we saw digital game sales overtake physical ones, and services like Xbox Game Pass, with the added option of streaming games from the cloud, are increasingly proving popular in what might be a subscription-based future.

在大流行病期間，我們看到數字遊戲的銷量超過了實體遊戲，而像 Xbox Game Pass 這樣的服務，還可以從雲端串流遊戲，在未來可能會以訂閱為基礎，是以越來越受歡迎。

Microsoft, Sony, Nvidia, Amazon and even big game publishers like EA and Ubisoft are taking bets on this in various ways, but apparently so are regulators, and in the UK, that turned out pretty badly for Microsoft.

微軟、索尼、Nvidia、亞馬遜，甚至 EA 和育碧等大型遊戲發行商都在以各種方式為此下注，但監管機構顯然也是如此，在英國，這對微軟來說結果相當糟糕。

The CMA estimates that Microsoft has around 60-70% of the global cloud gaming market, and the regulator made it pretty clear early on that there's some concerns around Microsoft buying up Activision Blizzard and then withholding those games from rival cloud gaming services.

據 CMA 估計，微軟在全球雲遊戲市場的份額約為 60-70%，該監管機構很早就明確表示，對微軟收購動視暴雪，然後從競爭對手的雲遊戲服務中扣留這些遊戲的行為表示擔憂。

There's obviously fears that Microsoft may go on to future cloud gaming, and how Activision Blizzard could possibly help it do that.

顯然，人們擔心微軟未來可能會轉向雲遊戲，以及動視暴雪如何可能幫助它實現這一目標。

Microsoft attempted to address these concerns in a series of deals with small and large cloud gaming competitors that provided access to Xbox PC games.

微軟試圖通過與大大小小的雲遊戲競爭者達成一系列協議，提供 Xbox PC 遊戲的訪問權來解決這些問題。

For a while, it looked like the CMA might be convinced, but then in late April, the regulator abruptly rejected the acquisition, saying that cloud gaming was the big concern.

有一段時間，CMA 看起來可能會被說服，但隨後在 4 月底，監管機構突然拒絕了這項收購，稱雲遊戲才是最大的問題。

It's a surprise ruling from the CMA, especially after the regulator backed down over Call of Duty concerns on the console side.

CMA 的這一裁決令人吃驚，尤其是在監管機構對遊戲機方面的《使命召喚》問題作出讓步之後。

But the CMA is clearly worried about the future of cloud gaming, even if consumers are showing little to no interest in it, and the experience hasn't really lived up to the hype.

但中國消費者協會顯然對雲遊戲的未來感到擔憂，儘管消費者對雲遊戲幾乎沒有興趣，而且雲遊戲的體驗也沒有真正達到預期。

Microsoft says it will now appeal this decision, and it could mean the case drags on for months and months.

微軟表示，它現在將對這一決定提出上訴，這可能意味著該案件要拖上好幾個月。

But Microsoft is absolutely furious here, with President Brad Smith calling the decision the darkest day of Microsoft's four decades of operating in the UK.

但微軟公司對此絕對憤怒，總裁布拉德-史密斯稱這一決定是微軟在英國營運四十年來最黑暗的一天。

He even went as far as saying that the EU looks like a better place to start a business than the UK.

他甚至說，歐盟看起來比英國更適合創業。

That's a particularly thorny statement given the political back and forth around Brexit right now.

考慮到目前圍繞英國脫歐的政治反反覆覆，這是一個特別棘手的問題。

Microsoft's cloud deals clearly didn't do enough to convince the UK, and that could be a giant blocker in this giant deal.

微軟的雲交易顯然不足以說服英國，這可能會成為這筆鉅額交易的一大障礙。

The appeals process is costly, time consuming, and it's not even guaranteed to produce the result Microsoft wants.

上訴過程既費錢又費時，而且還不能保證得到微軟想要的結果。

EU regulators are now due to make a decision on the deal in May.

歐盟監管機構將於今年 5 月對該交易做出決定。

Reuters reported recently that the EU regulators are likely to approve the deal, thanks to Microsoft's various deals with Nintendo, Nvidia and others.

路透社最近報道稱，由於微軟與任天堂、Nvidia 等公司達成了各種交易，歐盟監管機構很可能會準許這項交易。

The EU decision is even more crucial for Microsoft after UK regulators blocked the deal, so all eyes are now firmly on Brussels.

在英國監管機構阻止了這一交易之後，歐盟的決定對微軟來說更加至關重要，是以現在所有的目光都緊盯著布魯塞爾。

Microsoft could face more scrutiny closer to home too.

微軟在國內也可能面臨更多的審查。

The FTC sued to try and block the deal late last year, with the US regulator saying it wants to try and stop Microsoft from gaining control over Activision.

去年年底，美國聯邦貿易委員會（FTC）提起訴訟，試圖阻止這筆交易，該美國監管機構表示，它希望阻止微軟獲得對動視的控制權。

The FTC case is still at the document discovery stage, with an evidentiary hearing scheduled for August 2nd.

聯邦貿易委員會的案件仍處於文件披露階段，定於 8 月 2 日舉行證據聽證會。

Microsoft and Sony lawyers are currently at the point of arguing over what documents should be presented in the case, and we're months away from knowing exactly how this all pans out.

微軟和索尼的律師目前正在就案件中應提交哪些文件進行爭論，我們還需要幾個月的時間才能知道結果如何。

Microsoft has always maintained that this deal will close by the end of its fiscal 2023 year, which is the end of June.

微軟一直認為，這項交易將在 2023 財年結束前完成，也就是 6 月底。

That deadline seems increasingly unrealistic right now, thanks to the CMA's intervention, and then the possibility that Microsoft could end up in court against the FTC, fighting for it not to break up this giant deal.

由於 CMA 的干預，再加上微軟可能最終會與 FTC 對簿公堂，要求 FTC 不要拆散這筆鉅額交易，這個最後期限現在看來越來越不現實。

If Microsoft's deal fails to get approval from EU regulators, then it will almost certainly look like game over, with Microsoft owing Activision $3 billion in breakup fees.

如果微軟的交易未能獲得歐盟監管機構的準許，那麼幾乎可以肯定的是，微軟將欠動視 30 億美元的分手費。

The biggest gaming deal in history hangs in the balance right now, but if Microsoft's recent fighting talk is anything to go by, it's really ready to battle to keep this deal alive.

這筆史上最大的遊戲交易現在正岌岌可危，但如果從微軟最近的戰鬥言論來看，它確實已經做好了戰鬥準備，以保持這筆交易的活力。

So that's where Microsoft is at with the Activision deal, it's appealing the CMA's decision, and we'll see how that turns out down the line.

這就是微軟與動視交易的現狀，它正在對 CMA 的決定提出上訴，我們將拭目以待結果。

Keep an eye on TheVerge.com for all the updates to this story and much more.

請隨時關注 TheVerge.com，瞭解本新聞的最新進展以及更多資訊。