Santa Monica-based Activision Blizzard is being acquired by Microsoft in a deal worth $68.7 billion, the two companies announced this morning. According to Microsoft, it will pay $95.00 per share in an all cash transaction to acquire Activision Blizzard. Microsoft said the deal will make it the third-largest gaming company by revenue, behind Tencent and Sony. Activision’s titles include Warcraft, Diablo, Overwatch, Call of Duty, and Candy Crush. Bobbby Kotick will continue to serve as CEO of Activision Blizzard, reporting to Phil Spencer, CEO of Microsoft Gaming.