An Activision Blizzard Proxy Statement reveals that the US Federal Trade Commission has requested more information regarding Microsoft's proposed merger with Activision Blizzard (thanks Wccftech). Word is: "Under the HSR Act and the rules promulgated thereunder, the merger cannot be completed until Activision Blizzard and Microsoft file a notification and report form with the Federal Trade Commission." Word is this is holding things up, but this is a slow process to start with. Activision currently says it expects the deal to be consummated by the end of Q2 next year:

On March 3, 2022, Activision Blizzard and Microsoft each received a request for additional information and documentary material (which we refer to as a “Second Request”) from the FTC in connection with the FTC’s review of the transaction. The effect of the Second Request is to extend the waiting period imposed under the HSR Act until the 30th day after substantial compliance by Activision Blizzard and Microsoft with the Second Request, unless the waiting period is terminated earlier by the FTC or as otherwise agreed between the parties and the FTC. Completion of the transaction remains subject to the termination or expiration of the waiting period under the HSR Act and the satisfaction or waiver of the closing conditions specified in the merger agreement. The parties expect to complete the transaction in Microsoft’s fiscal year ending June 30, 2023.