最近这两天，欧洲游戏圈有些炸开锅了。 10月8日，Supercell CEO Ilkka Paananen，在LinkedIn上发帖，对欧盟委员会正处于征询期的DFA（Digital Fairness Act，数字公平法案）、CPC指引 （Consumer Protection Cooperation消费者保护合作网络发布的指引）中关于数字货币的提案，表示质疑。 就DFA征询文件、CPC指引来看，欧盟委员会未来或许计划将游戏内货币交易，和真钱交易摆到同等位置上进行监管。大概等于说，虽然用户在游戏里是 用游戏内货币进行交易，但在新提案下，这事和在现实生活中用真钱买东西，性质是一样的，监管部门将以同等规格对这类消费行为进行监管。 而Ilkka认为，这将「毁掉数以百万计、热爱游戏的欧洲玩家的体验」。毕竟在传统游戏行业中，游戏内货币和真钱，那从来都是两回事，怎么能混为一 谈呢？ 「每当孩子使用代币，父母都必须再次单独批准，并经历多重正式的合同流程——包括法律文件与撤销权说明。每个项目都必须显示出其"实际欧元价 值"，即使家庭购买代币的价格在不同时间点不同。当孩子赢得代币时，这些标示还会误导性地暗示他们赢得了"真钱"。 ...

Core Insights - The Federal Reserve's recent 25bps rate cut and potential fiscal easing are expected to stimulate M&A activity, particularly in the TMT sector, which has shown resilience with a 33% increase in deal value to $146 billion [1] - Intellectual property (IP) is becoming a central asset in TMT M&A, influencing valuations and strategic directions, as companies seek to acquire content libraries and franchises to enhance user engagement and competitive positioning [2] M&A Activity Highlights - Microsoft's acquisition of Activision Blizzard for $68.7 billion in 2023 is the largest gaming deal in history, allowing Microsoft to control significant IPs and become the third-largest gaming platform by revenue [3][4] - The deal was justified by the recurring monetization potential from subscriptions and in-game purchases, supported by Activision's 400 million monthly active users [4] - Skydance Media's merger with Paramount Global for $28 billion aims to create a media and technology leader, leveraging Paramount's extensive IP and streaming platforms to enhance distribution and production capabilities [6][7] Strategic Importance of IP - The integration of Activision's library into Microsoft's Game Pass and Xbox Cloud Gaming has proven beneficial, with gaming revenue reaching $2 billion and Xbox content growing by 16% [5] - Paramount's acquisition of UFC for $7.7 billion is positioned as a strategic move to enhance its sports IP portfolio, transitioning UFC events from pay-per-view to subscription models, thereby increasing engagement and retention [9][10] - The valuation of IP in these transactions reflects a shift towards viewing IP as a recurring, ecosystem-driven asset rather than just a one-time revenue generator [16][20] Future Outlook - The long-term growth potential of the media industry remains strong, driven by increasing consumption and the central role of IP across various entertainment formats [22] - Companies must be cautious in their M&A strategies, ensuring they have the scale and platforms to fully leverage acquired IP, as today's high premiums could lead to future valuation challenges [23]

Core Insights - The article reflects on the performance of five stocks selected for a sampler ten years ago, analyzing their returns against the S&P 500 and discussing lessons learned from their performance [1][2][3]. Group 1: Activision Blizzard (ATVI) - Activision Blizzard was selected for its strong gaming franchises, including Call of Duty and Candy Crush, and was acquired by Microsoft for $95 per share, resulting in a total return of 234.9% over ten years [9][11][12]. - The company successfully diversified its portfolio through acquisitions, maintaining a strong presence in the gaming industry [10][14]. - The stock significantly outperformed the S&P 500, which rose 118.4% during the same period, highlighting the effectiveness of its business strategy [12][14]. Group 2: Casey's General Stores (CASY) - Casey's General Stores has expanded from 1,888 stores to 2,658 over the past decade, focusing on pizza sales and enhancing customer experience [18][20]. - The stock price increased from $104.80 to $495.14, representing a 373% return, significantly outperforming the S&P 500's 223% return [22][23]. - The company shifted its focus from fuel sales to in-store offerings, with gross profit from inside sales nearly doubling that of fuel sales [21][22]. Group 3: FireEye (FEYE) - FireEye, initially a leader in cybersecurity, struggled with execution and ultimately merged with Mandiant, resulting in a 10-year return of only 16% [24][28][30]. - The company failed to adapt its business model effectively, leading to its underperformance compared to the S&P 500 [26][29]. - The acquisition by Alphabet did not yield significant returns for original investors, emphasizing the importance of strong execution in emerging industries [28][30]. Group 4: Mercado Libre (MELI) - Mercado Libre evolved from a marketplace to a comprehensive platform offering payments, logistics, and credit services, with a market cap now at $122 billion [30][31]. - The stock price surged from $109.94 to $2,384, achieving a 2,069% return, far exceeding the S&P 500's performance [33][34]. - The company's revenue and net income have increased dramatically, showcasing its successful expansion and leadership in Latin America [32][34]. Group 5: Middleby (MIDD) - Middleby, a provider of kitchen equipment, saw its stock price rise only 27% over the past decade, underperforming the market [37][38]. - The departure of its long-time CEO and macroeconomic challenges in the restaurant industry contributed to its lackluster performance [39][40]. - Despite ongoing acquisitions and growth, the company faced headwinds from high borrowing costs and reduced consumer spending in the residential market [40].

Core Viewpoint - Microsoft is initiating a large-scale layoff in its gaming division, affecting approximately 200 positions in its Barcelona-based King department, which is responsible for the Candy Crush game [1] Group 1: Layoff Details - The King department will see a 10% reduction in its workforce, translating to around 200 job cuts [1] - Other European offices, including ZeniMax, are also beginning to notify employees about layoffs [1] - Notifications regarding layoffs in the U.S. offices are expected to be communicated later on the same day [1] Group 2: Workforce Overview - As of January 2024, Microsoft's gaming division employs approximately 20,000 individuals [1]