Microsoft’s Activision Deal Chances Evaporate After UK Blow

The UK antitrust watchdog’s decision to block the biggest-ever gaming deal has all but closed off any path forward for Microsoft Corp.’s purchase of Activision Blizzard Inc.

The Competition and Markets Authority said Wednesday that its concerns over the $69 billion takeover can’t be solved by any proposed remedies and the only solution is to prevent the deal. Microsoft and Activision have pledged to appeal the decision, but the UK block, combined with US Federal Trade Commission’s opposition to the merger, means the transaction has slim chances.

The UK’s decision is globally binding and has the power ...