After a surprise decision by the UK’s Competition and Markets Authority (CMA) last week, the biggest acquisition in gaming history hangs in the balance. Microsoft’s $68.7 billion deal to acquire Activision Blizzard has been blocked by UK regulators, and EU regulators are due to make a decision in the coming weeks.

In Status Update (above), we look back at the history of this deal over the past year, Microsoft and Sony’s battles over Call of Duty, and exactly why regulators are concerned over this giant purchase. The CMA’s decision could be a giant blocker for this giant deal, so what happens next? Microsoft is getting ready to fight, so expect an appeal that will drag on for months and a messy fight with the FTC, too.

For now, all eyes are on European regulators as Microsoft attempts to salvage this acquisition over the next few weeks.