Microsoft’s $69 Billion Activision Deal Dwarfs Past Acquisitions

Microsoft Corp.’s planned acquisition of Activision Blizzard Inc. is breaking all sorts of records, even for a company that hasn’t shied away from massive deals in recent years.

The U.S. tech giant announced on Tuesday it’s paying nearly $69 billion to take over Activision, owner of the Call of Duty franchise. That’s roughly equal to the amount Microsoft set aside for its five largest past acquisitions combined, including the $26 billion LinkedIn Corp. deal in 2016.

Last year, Microsoft also offered $19.6 billion to buy speech technology company Nuance Communications Inc., following a $7.5 billion deal for ...