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Microsoft is still fighting the FTC over its Activision Blizzard deal.

The Federal Trade Commission (FTC) is appealing a district court’s decision not to block Microsoft’s Activision Blizzard acquisition. Microsoft finalized its $68.7 billion deal in October, but the FTC’s Ninth Circuit Court of Appeals hearing starts tomorrow. Now 37 venture capital firms and investors are opposing the FTC’s appeal, claiming it “threatens the cycle of investment and entrepreneurship that drives America’s innovation economy.” The FTC is also planning to continue its administrative process against the acquisition.