Microsoft has taken the decision to buy video game company Activision Blizzard in a $68.7 billionBig tech firms continue pushing the limits, while legacy media companies are desperate to reposition their businesses for younger audiences.

Alphabet, Amazon, and Apple are some of the biggest technology companies. drawn consistent scrutiny from regulators and U.S. lawmakersHaving too much market power today’s economy. The government might decide Microsoft shouldn’t be allowed to buy Activision.

If the deal is approved it will be difficult to not see this as an opportunity lost for old media companies to grow. Although Meta, Roblox and other technology companies position themselves around a metaverse-dominated world filled with new gaming opportunities, legacy media companies have focused on subscription streaming video — perhaps a more limited form of entertainment.

Satya Nadella (Microsoft’s CEO), stated that gaming is “the most exciting and dynamic category of entertainment across all platform platforms” and would play a crucial role in developing metaverse platforms. If we consider our vision for the Metaverse, we believe that it won’t have a single centralized one. This shouldn’t happen. It is important to have multiple metaverse platforms and a strong ecosystem for content commerce.

Gaming is a possibility Disney ComcastBrandon Ross is a LightShed media and technology analyst who focuses on the gaming sector. He said that it was important to remain relevant for younger audiences, even as legacy assets disappear. For even the most valuable media companies such as Comcast or Disney with market values between $200 billion-300 billion, a nearly $70billion deal is a huge deal. Microsoft has a $2.3 trillion market capitalization so this is not quite as dramatic a deal.

It wasn’t always this way. Microsoft will purchase Activision at $95 per share. Activision shares traded as low as $42 in February 2019, two years ago. If you go back to 2012/2013, Activision shares are about $10.

For many years, rumors have circulated about a major media company buying large-scale videogame companies. CNBC published a story in 2012 about Time Warner. sold to AT&T in 2018, buying Vivendi’s 60% stake in Activision for about $8 billion.

It was a sham.

Ross stated that big media was “too self-absorbed to see how things were changing.” “The videogame industry grew while legacy media dwindled,” Ross said.

NetflixThis is the ultimate tech company and has taken on legacy media. said last year it will experiment with offering video games allowing with its subscription video service. WarnerMedia was formerly known as Time Warner. It also owns a videogame division called Warner Bros. Interactive EntertainmentHowever, AT&T considered selling itBefore deciding to merge all of WarnerMedia with Discovery.

Comcast and Disney have mostly stayed out of video gaming, possibly because it isn’t their core competence. Disney shut down its game development business in 2016.

The business was in constant change and the team did not feel confident enough in its stability to allow them to keep it going from a self-publishing standpoint. Bob IgerThe CEO and chairman of Disney at the time, was. at the time of the decision.

Microsoft owns Xbox and has been focused on the game industry for more than 20 years.

Perhaps Activision will not be able to move the needle for Microsoft. Gaming could distract Microsoft’s core competency of providing software services to businesses. It’s likely that video game development is driven by hits. As virtual reality and other technology advances, it’s possible that games such as “Call of Duty,” Warcraft and “Overwatch,” will lose their appeal. Activision might not be able compete with other favorites.

Perhaps the Activision agreement will encourage a legacy media firm to try for another big gaming company, such as Take-Two Interactive— Which just announced a deal to buy Zynga— Electronic Arts.

Microsoft, however, can take a chance while legacy media is left to hold its collective bat and wait for the ball to strike.

Disclosure: Comcast owns CNBC and is the parent of NBCUniversal.

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