I honestly believe Acti/Bliz is poised for a fall. I think MS is "buying high" on them. I think they are ready for an EA like fall from grace. COD is a hot mess right now. They still haven't revealed their new game, and it seems like it is going to be a $70 expansion. Their comp scene is a joke with cheaters in their pro tourneys, and former COD streamers playing CSGO. Of course COD is still a massive cash cow the industry shifts. Diablo 4 is selling like crazy, but the community is in full revolt mode right now (granted that's pretty normal).
Honestly if I ran MS, I'd have let the deal expire and found something better to invest in.
Now, how did this juggernaut of gaming form? Mergers of course. In a perfect world, they'd all be their separate thing, but that's not reality (remember, Bungie was under Acti for awhile, imagine that...).
I think back to what EA was 10 years ago and I'm surprised gamers haven't turned on Activision the same way. Maybe they won't...