Value play: Great merger with huge potential. Blizzard is a cash generating machine and hands down the best game developer in the industry. Both sides of this merger have been performing well continuing growth if Activision where ERTS has flattened. Consider this: Similar Expected sales in '07 $3.8B(ATVI) vs. $3.1B(ERTS) and Similar Mkt Cap $18.9B vs. $17.1B but much better Margins. The Blizzard side of the merger is working on 40%+ margins vs ERTS best of 20%. Expect some margin pressure on ATVI as more MMOs are released.