150 – Breaking News & Latest Updates 2026
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Tom Warren

Tom Warren

Senior Correspondent

Senior Correspondent

    More From Tom Warren

    Tom Warren
    Tom Warren
    We won’t get to hear from Nintendo today.

    Steve Singer, SVP of developer relations at Nintendo, is appearing in court by video deposition. As the video contains lots of confidential information Judge Corley will view it in closed court.

    Nintendo has been at the center of an ongoing battle about whether the Switch is competition to the Xbox and PlayStation.

    Microsoft also signed a deal with Nintendo to bring Call of Duty to the Nintendo Switch if the Activision deal closes. We learned yesterday that this would also include a future Nintendo console, so it’s a shame we won’t hear more about Call of Duty on Switch today.

    Photo by Amelia Holowaty Krales / The Verge
    Tom Warren
    Tom Warren
    Xbox console market share time.

    The FTC is questioning Tim Stuart about console market share from April 2022. A confidential document share excludes Nintendo Switch and Xbox One / PS4 consoles. It also measures just the US alone. Tim Stuart is asked about Japanese markets, as the data doesn’t include these markets. “The data is not that reliable,” for other markets, argues Stuart.

    Tom Warren
    Tom Warren
    Project Denali.

    We’ve seen references to Project Denali in the exhibits list, and now the FTC begins by questioning Tim Stuart, Xbox CFO, who confirms Project Denali is the codename for the Activision Blizzard deal.

    The FTC continues to question Stuart around whether his team has done any financial analysis on the Sony agreement for Call of Duty or the Nintendo and Nvidia + other cloud deals. Stuart confirms they have not done financial analysis of the effects of the deals.

    Tom Warren
    Tom Warren
    The CMA tried and failed to push Microsoft’s UK appeal back.

    The Competitions and Markets Authority (CMA) in the UK filed to try and delay Microsoft’s appeal of its Activision Blizzard acquisition decision yesterday. The Competition Appeal Tribunal (CAT) immediately responded with a no, so the hearing will continue on July 28th. The CMA was trying to push it all the way back to October, and the CAT ruled this would be “contrary to justice and fairness.” The timing comes curiously right in the middle of this FTC case.

    Tom Warren
    Tom Warren
    Xbox CFO Tim Stuart is taking the stand.

    We’ve heard Tim Stuart referenced in a lot of internal emails over this five-day hearing and now we’re going to get to hear from him directly. The Xbox CFO is responsible for managing the finances of Microsoft’s gaming business, so expect to hear a lot of questions around the business side and perhaps why Microsoft is increasing Xbox Game Pass prices.

    Xbox CFO Tim Stuart.
    Xbox CFO Tim Stuart.
    Image: Tim Stuart (LinkedIn)
    Tom Warren
    Tom Warren
    Microsoft CFO Amy Hood is not taking the stand.

    The FTC has decided not to question Amy Hood, Microsoft’s CFO.

    Microsoft has already submitted a written declaration for Hood where she says Microsoft wants to increase Xbox operating margins to match other Microsoft businesses. She also says Microsoft never assessed removing Call of Duty from PlayStation and that the Activision deal has to immediately make money.

    Microsoft Chief Financial Officer Amy Hood Interview
    Tom Warren
    Tom Warren
    It’s the final countdown!

    Welcome to the fifth and final day of FTC v. Microsoft. While we wait to see if there’s going to be a season two of this epic series, the hearing concludes with a final day of witness testimony and closing arguments. Today we’ll hear from:

    • Xbox CFO Tim Stuart

    • Microsoft CFO Amy Hood

    • Nintendo’s Steve Singer (video deposition)

    Witness testimony starts at 8:30AM PT / 11:30AM ET. The plan is to finish evidence by noon and closing arguments at 2:30PM PT / 5:30PM ET.

    If you’ve missed this five-part series so far, here’s where to catch up:

    And remember:

    🎶 We’re leaving together, but still, it’s farewell

    And maybe, we’ll come back to Earth, who can tell?

    I guess there is no one to blame

    We’re leaving ground

    Will things ever be the same again?

    It’s the final countdown 🎶

    Microsoft and Activision CEOs battle to keep a giant Xbox deal alive

    FTC v. Microsoft day four was all about Satya Nadella and Bobby Kotick.

    Tom Warren
    Tom Warren
    Tom Warren
    Sega says ‘not now’ to a Microsoft acquisition.

    We heard earlier this week that Microsoft was seriously looking at acquiring Sega to bolster Xbox Game Pass. Now Sega co-chief operating officer Shuji Utsumi has responded “no, not now” when questioned by Bloomberg about whether the company is open to acquisition talks. “We are very close with Microsoft and have a great relationship with its management team,” Utsumi said. “Microsoft particularly has a high regard for us.”

    Tom Warren
    Tom Warren
    Microsoft CFO’s direct testimony.

    Microsoft has filed its written declaration from CFO Amy Hood in lieu of her appearing at the witness stand for Microsoft’s lawyers. The FTC will still cross-examine Hood, though.

    In the declaration Hood says Call of Duty exclusivity wasn’t part of Microsoft’s rationale behind the proposed Activision Blizzard acquisition:

    The possibility of making Call of Duty exclusive to Xbox was never assessed or discussed with me, nor was it even mentioned in any of the presentations to or discussions with the Board of Directors. I understood the necessity of keeping Call of Duty on other platforms. The Acquisition’s strategic rationale and financial valuation are both aligned toward making Activision games more widely available, not less.

    Hood also says Xbox has historically had a lower operating margin (profits) than Microsoft’s other lines of business. “Over time, we are striving to increase Xbox’s operating margin to bring it closer to those of Microsoft’s other lines of business.”

    The Activision Blizzard deal must also immediately make money for Microsoft:

    Another important component of the financial analysis was that the purchase had to be financially accretive to Microsoft’s shareholders in year one, meaning that the acquisition must immediately contribute to an increase in earnings per share.