Sony Stock Plunges 13% on Rival Microsoft’s Bid to Buy Hit-Game Maker

(Nikkei Asia) — Shares in Sony Group Corp. plunged on Wednesday following Microsoft’s planned acquisition of game-maker powerhouse Activision Blizzard, with investors fearing that intensifying competition could hamper the Japanese conglomerate’s future earnings in the gaming business.

Sony’s stock price closed down 12.8% at its lowest level in over three months. The sharp drop comes after Microsoft, Sony’s rival in the long-running video game console war, announced it will pump nearly $70 billion into the purchase of Activision, the U.S. game developer behind hit titles like World of Warcraft and Call of Duty.