British regulators have blocked Microsoft’s $69 billion deal to buy video game maker Activision Blizzard over worries that it would stifle competition in the cloud gaming market. The Competition and Markets Authority said Wednesday that “the only effective remedy” to the substantial loss of competition “is to prohibit the Merger." The all-cash deal was set to be the biggest in the history of the tech industry. It has faced stiff opposition from rival Sony and is being scrutinized by global regulators over fears that it would give Microsoft control of popular game franchises like Call of Duty and World of Warcraft. The companies have vowed to appeal the U.K. decision.
