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Ives said that although Xbox and gaming have proven successful in the past, Microsoft recognizes the need for consumer-based revenue growth. This deal will help drive that along during a briefing on Monday on the acquisition.
Phil Spencer, executive vice president of Xbox Business for Microsoft Corp., speaks during Microsoft Corp.'s Xbox One X reveal event ahead of the E3 Electronic Entertainment Expo in Los Angeles, California, U.S., on June 11 on the 11th of June, 2017.
In separate statements released Monday morning, Bethesda and Microsoft confirmed the terms of the deal. Xbox Game Pass Head Phil Spencer stated that Bethesda was a supporter of Xbox Game Pass, and has invested in cloud streaming.
"All of their great work will continue to grow and expand and we are looking forward to providing them with the resources and help of Microsoft to scale their creative ideas to more players in innovative ways," Spencer wrote in a Microsoft blog post to announce the partnership.
Todd Howard, director and executive producer at Bethesda Todd Howard, executive producer and director of Bethesda, said that the paths of his company and Xbox "have gone hand-in-hand" since the two companies first launched.
"This one is about more than one system or screen," Howard wrote in an article on Bethesda's site.
The ZeniMax acquisition is approximately $1.5 billion more than the $5.9 billion Activision Blizzard paid to acquire King Digital, the parent company of Candy Crush King Digital, in 2014 and three times more than the $2.5 billion Microsoft paid to buy Minecraft the same year.
Van Dreunen said Microsoft's latest deal proves that Xbox is well-equipped for increasing battle between the platforms that are expected to gain steam later this year with the scheduled launch of Sony's PS5 and Microsoft's Xbox Series X.
Investors responded favorably to Monday's acquisition news Microsoft's stock price rising by three points Monday afternoon.
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