Sony’s shares have dropped by 13% on Wednesday following Microsoft’s announcement that it would be acquiring gaming company, Activision Blizzard.
According to Bloomberg, the drop has wiped $20 billion off Sony’s market value and it is the biggest drop in the company’s shares since 2008.
THE WHISTLER earlier reported that Microsoft plans to purchase the company for $68.7 billion, which would make it the third-largest gaming company by revenue, behind Japan’s Sony and China’s TenCent.
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The sale is the largest in gaming history and will see Microsoft owning wildly popular gaming franchises like Call of Duty, Candy Crush, Overwatch and Warcraft.
Sony makes the PlayStation gaming consoles while Microsoft makes the Xbox gaming console.