Microsoft spent a large chunk of time–and cash–acquiring new studios throughout the 2010s and 2020s, but its biggest move was the $68.7 billion acquisition of Activision Blizzard in October 2023. Trumpeted as a deal that would greatly bolster its portfolio of first-party studios and further enhance the appeal of its Xbox Game Pass subscription service, the acquisition has been followed by several waves of restructuring since then. Thousands of roles at the company have been cut, the plug has been pulled on…