Microsoft, Activision extend $69 billion merger agreement deadline

July 19 (UPI) -- Microsoft and Activision Blizzard said Wednesday they've extended the deadline to complete their $69 million merger to October

Activision announced the deal, extending the deadline for the deal which, was set to expire on Tuesday, for another three months to Oct. 18 as regulators continue to assess the deal.

"We're optimistic about getting this done, and excited about bringing more games to more players everywhere," Phill Spencer, CEO of Microsoft Gaming said on Twitter.

Activision said the extension deadline deal also amends the termination fee, requiring Microsoft paying $3.5 billion if the transaction is terminated after Aug. 29 and $4.5 billion if terminated after Sept. 15.

"The agreement also includes amendments to Activision Blizzard's commercial Xbox arrangements with Microsoft, valued at up to $250 million for each of fiscal years 2023 and 2024," Activision said.

The delay came after Britain's anti-trust regulator said on Friday postponed a decision on whether to reverse an interim ban on the U.S. giant Microsoft's acquisition of Activision.

As U.S. regulators review the proposed merger, Activision said Monday it entered into an agreement with Sony to keep its popular Call of Duty franchise on PlayStation consoles.

Activision also released second-quarter financial results Wednesday, show a billion dollars in net bookings, earnings per share up over 80% and operating income up by over 70%.

It added that Call of Duty sales helped push the company to a record quarter.

"While we continue to have concerns about the economy and growing industry competition, we remain focused on the long-term opportunities ahead and completing our merger with Microsoft," Activision CEO Bobby Kotick said in a statement.