NEED TO KNOW

Microsoft's Largest Acquisition 

Microsoft Corp. announced yesterday it plans to buy video game giant Activision Blizzard Inc. for $68.7B in cash—the company's largest-ever purchase. Microsoft, which created and owns Xbox, is poised to become the world’s third-largest gaming company after China’s Tencent Holdings Ltd. and Japan’s Sony Corp. when the deal closes. Microsoft said the acquisition will help grow its gaming business across mobile, the cloud, and more, as well as its ventures into the metaverse. 

The transaction’s announcement comes as Activision Blizzard—known for games such as "Candy Crush," "Call of Duty," and "World of Warcraft"—faces widespread sexual harassment allegations. The company has fired more than three dozen employees, according to reports, while thousands of other employees have demanded CEO Bobby Kotick to resign. 

Microsoft said Kotick will continue to serve as CEO of Activision Blizzard; the business will then report to the CEO of Microsoft Gaming when the deal closes in fiscal 2023.

Senate Debates Voting Rights Bill

The Senate began debate over a consolidated voting rights bill yesterday, an effort proceeding despite steep challenges in the evenly divided chamber. The Democrat-led initiative would require at least 10 Republican votes to overcome a filibuster; Sens. Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) have already stated their opposition to modifying Senate rules to circumvent the 60-vote threshold.

The package, a combination of a number of different acts, would expand absentee voting, strengthen financial disclosure rules for outside groups, and require nonpartisan redistricting commissions to prevent gerrymandering (see 101), among other provisions. It remains to be seen whether Majority Leader Chuck Schumer (D-NY) will force a vote on filibuster changes. 

Sources suggest Senate Democrats are considering a procedural maneuver that would require Republicans to actively hold the floor to maintain a filibuster, though it's unclear whether that strategy will proceed. 

Dust Settles in Tonga

The Tongan government released its first update after a massive volcanic eruption and resulting tsunami hit the island nation, calling it an “unprecedented disaster.” The country is reporting nearly all the homes on two islands were destroyed, with three confirmed deaths—a 65-year-old woman, a 49-year-old man, and a British citizen. The number is expected to rise as the government has been unable to reach several inhabited islands—communications were scarce after an underwater cable was cut off in the eruption. In addition, ash has coated the main island, contaminating drinking water and delaying international relief flights.

Separately, unusually high waves after the eruption caused an oil spill covering almost 2 miles of Peru’s central coastline.

See before and after photos of the damage in Tonga here.

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IN THE KNOW

Sports, Entertainment, & Culture

> The 2022 Grammy Awards rescheduled for April 3 at the MGM Grand in Las Vegas after being postponed from original Jan. 31 date in Los Angeles due to COVID-19 (More)

> Lusia Harris, basketball Hall of Famer and first and only woman officially drafted to the NBA, dies at 66 (More) | Yvette Mimieux, film and TV actress nominated for three Golden Globes, dies at 80 (More)

> YouTube to stop making original shows, will focus on user-generated content; global head of original content to step down in March (More)

Science & Technology

> AT&T and Verizon set to rollout out widespread 5G wireless networks today; will delay deployment near airports following industry warnings of potential disruption on takeoff and landing (More) | Can 5G interfere with flight communications? (More)

> SpaceX's Starlink launches 2,000th satellite; the space-based internet company plans to have more than 40,000 satellites orbiting Earth (More) | Astronomers have raised complaints the operation may hamper research (More)

> New blood test capable of measuring biological aging by analyzing DNA signatures in white blood cells (More)

Business & Markets

In partnership with The Ascent

> US stock markets fall (S&P 500 -1.8%, Dow -1.5%, Nasdaq -2.6%) as bond yields increase to two-year high (More)

> Shares of Goldman Sachs slide 7% after missing profit expectations with compensation expenses up over 30% in 2021 (More)

> ExxonMobil announces goal to achieve net-zero emissions by 2050 (More)

From our partners: Reward seeker? Keep reading. This cash back card offers 2% cash rewards on purchases and a generous sign-up bonus. The Ascent's independent team of experts is calling it one of the best all-around cards. Learn more today.

Politics & World Affairs

> Total US COVID-19 hospitalizations dip for the first time since mid-December, currently near 149,000 patients (More) | Models suggest between 50,000 and 300,000 Americans may die from the disease by March (More)

> Jan. 6 House Committee subpoenas former President Trump lawyer Rudy Giuliani and legal allies Jenna Ellis and Sidney Powell (More) | New York attorney general alleges in court Trump Organization misrepresented the value of assets to obtain loans and tax benefits (More) 

> Federal judge approves bankruptcy plan for Puerto Rico, potentially resolving the island's five-year financial crisis (More)

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ETCETERA

Meet the founder of the hit viral game Wordle.

Workers are leaving jobs for more pay.

Visualizing the power of the world's supercomputers.

This British reservoir's spectacular plug holes.

US Postal Service unveils its stamps for 2022.

Nickelodeon delivers a wholesome postgame interview. 

Rare optical illusion brings a false iceberg to British Columbia. 

"Cool Runnings" visits China. 

Clickbait: When you mix drugs with baked beans.

Historybook: Author Edgar Allan Poe born (1809); HBD musician Dolly Parton (1946); Indira Gandhi becomes first female prime minister of India (1966); RIP actress and inventor Hedy Lamarr (2000).

"The way I see it, if you want the rainbow, you gotta put up with the rain."

- Dolly Parton

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