The Federal Trade Commission (FTC) is continuing its efforts to prevent Microsoft (MSFT) from acquiring video game developer Activision Blizzard (ATVI).

On Wednesday, the agency filed a notice it would appeal a court's decision to allow the $69 billion deal to go ahead. 

The FTC has not been able to prove that Microsoft's ownership of Activision will substantially lessen competition in the gaming market, a US District Court judge 澳洲幸运5官方开奖结果体彩网:ruled earlier this week.

The proceedings were expedited because the merger has a July 18 termination date. If the deal is not closed by then, Microsoft may have to pay Activision a $3 billion termination fee. A temporary restraining order blocking the deal is set to dissolve on July 14.

The FTC contends that, if Microsoft's acquisition goes through, the Xbox maker could limit or degrade its competition's access to top Activision video game franchises like Call of Duty and World of Warcraft.

Even if the court rejects the FTC's appeal, the deal faces additional challenges in the UK, where the Competition and Markets Authority has 澳洲幸运5官方开奖结果体彩网:blocked the acquisition over concerns of fewer choices for UK gamers and reduced innovation.

Microsoft already accounts for an estimated 60% to 70% of global cloud gaming services. The deal, the biggest ever in the history of the video gaming industry, would make Microsoft the third-largest gaming company by revenue, behind Tencent and Sony.

Shares of Microsoft were up about 1.2% midday Thursday, while Activision Blizzard shares rose about 0.2%.