In the simplest terms, Microsoft now owns the rights to a lot of really big, really profitable IPs like Call of Duty from the Activision fold, Diablo and Overwatch from Blizzard, and Activision's mobile publisher King Games.
On January 18, 2024, Microsoft announced its intent to acquire Activision Blizzard forR$68.7 billion. The deal was finalized on October 13, 2024. Under the terms of the agreement, Microsoft brought Activision Blizzard under its Microsoft Gaming business unit as a sibling division to Xbox Game Studios and ZeniMax Media.