Massive and shocking news broke early this morning, when Microsoft revealed that it has officially purchased Activision Blizzard Inc. for a whopping $68.7 billion. This equates to $95 per share.

With this acquisition, Microsoft will have thirty internal game studios, as well as added publishing options. They will also become the world’s third largest gaming company, behind Sony and Tencent.

Of course, acquiring Activision Blizzard is most noteworthy because it means Microsoft will now own IPs like Call of Duty, Diablo, Crash Bandicoot, Candy CrushOverwatch and Major League Gaming. They will also be able to incorporate the publishing giant’s games into Game Pass.

Although Bobby Kotick will remain as CEO, Activision Blizzard’s brass will now report to Phil Spencer. You can read his blog post regarding today’s deal here.

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