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Ives said that although Xbox and gaming have had success in the past, Microsoft recognizes the need for growth in revenues from consumers. This deal will help propel that forward during a briefing on Monday on the acquisition.
Phil Spencer, executive vice president of Xbox Business for Microsoft Corp. The executive vice president of Xbox Business for Microsoft Corp., speaks during the company's Xbox One X reveal event ahead of the E3 Electronic Entertainment Expo in Los Angeles, California, U.S., on June 11, 2017.
Microsoft and Bethesda confirmed the details of the agreement in separate statements issued Monday morning. The head of Xbox Phil Spencer said Bethesda was an early fan of Xbox Game Pass that has also been investing in cloud streaming of games.
Best Games
"All of their incredible work will continue to expand and flourish and we look forward to supporting them with the resources and support of Microsoft to expand their innovative visions to more players in innovative ways," Spencer wrote in an Microsoft blog post announcing 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 website.
The ZeniMax purchase is around $1.5 billion more than the $5.9 billion Activision Blizzard paid to acquire 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 ready for the escalating platform wars that are expected to gain momentum in the coming months with the upcoming release of Sony's PS5 and Microsoft's Xbox Series X.
Investors responded positively to the news of the acquisition Monday. Microsoft's stock price increasing by around three points by Monday afternoon.
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