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You literally had to do ONE THING to make this seem like a good idea


Uploaded by Philipp Jan 18, 2022 at 10:06AM EST

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Origin Entry: Microsoft's Acquisition of Activision Blizzard

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os PAGELOW 2018 Ryan Pagelow BUNICOMIC.COM
From: To: Sent: Subject: Phil Spencer </O=EXCHANGELABS/OU=EXCHANGE ADMINISTRATIVE GROUP (FYDIBOHF23SPDLT)/CN=RECIPIENTS/CN=MICROSOFT.ONMICROSOFT.COM-55760-PHIL SPENCER> Chris Capossela; Takeshi Numoto 8/6/2020 12:03:02 AM RE: random thought Takeshi, I totally agree that Nintendo is THE prime asset for us in Gaming and today Gaming is our most likely path to consumer relevance. I've had numerous conversations with the LT of Nintendo about tighter collaboration and feel like if any US company would have a chance with Nintendo we are probably in the best position. The unfortunate (or fortunate for Nintendo) situation is that Nintendo is sitting on a big pile of cash, they have a BoD that until recently has not pushed for further increases in market growth or stock appreciation. I say "until recently as our former MS BoD member ValueAct has been heavily acquiring shares Nintendo (https://www.reuters.com /article/us-nintendo-valueact-exclusive-idUSKCN2232VT) and I've kept in touch with Mason Morfit as he's been acquiring. It's likely he will be pushing for more from Nintendo stock which could create opportunities for us. Without that catalyst I don't see an angle to a near term mutually agreeable merger of Nintendo and MS and I don't think a hostile action would be a good move so we are playing the long game. But our BoD has seen the full writeup on Nintendo (and Valve) and they are fully supportive on either if opportunity arises as am I. Phil Confidentially we have two fairly active M&A discussions in Gaming right now, Warner Brothers Interactive and ZeniMax. I took ZeniMax to the BoD last week and prior to the BoD discussion I asked Amy and Satya if they wanted me to slow either or both of these given the TikTok discussions and they both emphatically told me "no". They are fine doing all 3 of these if the deals make sense. I won't say WB or Zeni is Nintendo but both are for sale and gettable by us if things align. Biggest obstacle in WB is IP ownership, we wouldn't own any of the IP which hurts long term flexibility and the only obstacle on Zeni is valuation expectations of founders. But I think it's likely one or both of these happen which will help us continue to double down on our Gaming relevance. To give a sense of scale, ZeniMax is about the size of our current first party studios org, so that would be doubling our content asset. Downside more core, less bro more north American/European etc. I love this discussion and value you looking at the opportunities here. At some point, getting Nintendo would be a career moment and I honestly believe a good move for both companies. It's just taking a long time for Nintendo to see that their future exists off of their own hardware. A long time.... :-) S 20 Uh... I can explain.
Beenox Microsoft RAVEN SPOD FOTO WIADRDE. You have freed us! TOYS BOB Microsoft RAVEN SUOJO FOTO WADRIE Oh, I wouldn't say "freed", more like "under new management."
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