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So, Microsoft now owns Activision Blizzard. How will this affect the rest of the industry?
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That will likely happen, maybe. We really don't know until it happens.
We're literally watching that happen to just about every tech company right now. My Lemmy front page right now is "YouTube/amazon/netflix/disney+ are all jacking prices and ruining the services." Although modern MS has a lot going for it, they have a long, long history of this exact behavior. And aside from that, it's just a feature of unregulated or poorly regulated capitalism. All consolidation eventually leads to negative outcomes for consumers.
You really don't know the history of Microsoft, do you?
I said it would likely happen, I wasn't denying it.