Sony Group Corp. shares fell 13% in Tokyo on Wednesday, their biggest drop since October 2008, after PlayStation rival Microsoft Corp. announced a $69 billion deal to acquire games publisher Activision Blizzard Inc.

The blockbuster acquisition escalates Microsoft's spending spree to secure intellectual property assets for its Xbox Game Pass service, wiping $20 billion off Sony's valuation in a day. The push to attract paying subscribers with an overwhelming portfolio of games challenges Sony's traditional console business model that relies on high-profile exclusive titles and hardware sales. Games and network services account for about 30% of Sony revenue.

"We expect that Microsoft will abide by contractual agreements and continue to ensure Activision games are multiplatform," a Sony spokesman said Thursday.

Activision supplies some of the most popular games for Sony's PlayStation game console, including the Call of Duty series. After Microsoft on Tuesday announced its acquisition plan, some analysts raised the possibility that Activision games might be available exclusively for Microsoft's own Xbox console and its subscription videogame services in the future.

Two huge US gaming deals in the space of a fortnight means the race is on to guess who might be third. Like Activision Blizzard and Zynga, the next acquisition target is likely to have an impressive library of game titles. Step forward Electronic Arts.

Video game publishers and the platforms competing for titles know that the $200bn gaming sector is in flux. Consoles are still popular but mobile gaming is the industry's fastest growing segment. More players are streaming games via subscription services instead of buying them outright. Franchises are being milked for longer. To compete, companies are looking for more high profile content — known as AAA games.

EA fits the bill. The Redwood City company has produced The Sims and Fifa, a football game popular with both fans and professional players. It has made astute investments in mobile gaming development too, buying Glu Mobile and Playdemic last year in two cash deals for a combined $3.6bn.

With an enterprise value of $38bn, potential buyers would need deep pockets. This is not a problem in the tech industry. Apple has an enterprise value 71 times as large. Amazon, Meta, Google and Netflix are all expanding their gaming divisions too. Rival Sony may also be on the lookout to build up its portfolio of exclusive games.

EA's 500m user accounts exceed Activision's monthly active user total. But EA has been less successful at extracting money from players. The sub 20 per cent operating margin over the past year compares poorly with Activision's 35 per cent.

EA has not experienced the same stumbles as Activision. Shares fell last year as negotiations over Fifa's branding went sour. The sporting body was reported to request double its $150m per year licensing fee — a figure that would equal around half of EA's forecast annual net income. But the game is popular enough to survive a rebrand and shares recovered. Less expensive than Zynga and less risky than Activision, EA is an attractive target.

bloody h*ll, i bought Hitman 3 on PS5. I did finished it though. Hitman 3 ps5 HDR is trash. Apart from that, I enjoyed the entire game.

Dont forget Apple and Netflix also 

How and where you PO Steam Deck??

damn fugly, put it on the desk with CNY tidbits and ppl will think it's a tissue box