ZeniMax Media in the context of "Xbox Game Studios"

Xbox is a video gaming brand that consists of four main home video game console lines, as well as applications (video games), the streaming service Xbox Cloud Gaming, and online services such as the Xbox network and Xbox Game Pass. The brand is owned by Microsoft Gaming, a division of Microsoft.

The brand was first introduced in the United States in November 2001, with the launch of the original Xbox console. The Xbox branding was formerly, from 2012 to 2015, used as Microsoft's digital media entertainment brand replacing Zune. In 2022, Microsoft expanded its gaming business and reorganized Xbox to become part of its newly formed Microsoft Gaming division. Under Microsoft Gaming, Xbox's first-party publishers are Xbox Game Studios, ZeniMax Media (Bethesda Softworks), and Activision Blizzard (Activision, Blizzard Entertainment, and King), who own numerous studios and successful franchises.

Microsoft Gaming is the video game and digital entertainment division of the American multinational technology company Microsoft, based in Redmond, Washington and established in 2022. Its five development and publishing labels consist of: Xbox Game Studios, Bethesda Softworks (publisher of ZeniMax Media), Activision, Blizzard Entertainment, and King (the latter three are publishers of Activision Blizzard). It produces the Xbox video game consoles and services, in addition to overseeing production and sales, and is led by CEO Phil Spencer, who has overseen Xbox since 2014.

Prior to 2022, Microsoft had several different video game-related product lines, including Xbox hardware, Xbox operations, and game development studios. Microsoft Gaming was created with the announcement of Microsoft's plans to acquire Activision Blizzard to unify all of Microsoft's gaming groups within a single division. With the completion of the Activision Blizzard acquisition in 2023, Microsoft became one of the largest gaming companies, the third-by revenue and the largest by employment. The company has 500 million monthly active players across all gaming platforms.

On January 18, 2022, Microsoft announced its intent to acquire Activision Blizzard for $68.7 billion. The acquisition was completed on October 13, 2023, with its total cost amounting to $75.4 billion. Under the terms of the agreement, Microsoft brought Activision Blizzard under its Microsoft Gaming business unit as a sibling division to Xbox Game Studios and ZeniMax Media. With it, Microsoft gained ownership of several franchises under Activision, Blizzard Entertainment, and King, including Call of Duty, Crash Bandicoot, Spyro, Warcraft, StarCraft, Diablo, Overwatch, and Candy Crush. As of 2023, the acquisition is the largest video game acquisition by transaction value in history.

Following shareholder approval of the acquisition, the merger was reviewed by several national anti-trust bodies, with early approvals granted by the European Commission and China's State Administration for Market Regulation (SAMR), among others. The United States' Federal Trade Commission (FTC) and the United Kingdom's Competition and Markets Authority (CMA) issued formal challenges to the acquisition. Sony also criticized the merger, concerned that Microsoft would make the lucrative Call of Duty franchise exclusive to the Xbox platform, though Microsoft committed to non-exclusivity through 2033. The FTC withdrew its request after courts did not find their anti-trust compelling to block the merger, while Microsoft offered to offload its cloud gaming support for Activision Blizzard's games for ten years to Ubisoft to appease the CMA.

Bethesda Softworks LLC is an American video game publisher based in Rockville, Maryland. The company was founded by Christopher Weaver in 1986 as a division of Media Technology Limited. In 1999, it became a subsidiary of ZeniMax Media. In its first 15 years, it was a video game developer and self-published its titles. In 2001, Bethesda spun off its in-house development team into Bethesda Game Studios, leaving Bethesda Softworks to focus on publishing operations.

In March 2021, Microsoft acquired Bethesda's parent company ZeniMax Media, maintaining that the company will continue to operate as a separate business. Part of the Microsoft Gaming division, Bethesda Softworks retains its function as the publisher of games developed by the different studios under ZeniMax Media.