Microsoft Inc. and Santa Monica-based Activision Blizzard Inc. are continuing to push their proposed acquisition deal forward with a new, restructured agreement. The agreement, which regards Microsoft’s purchasing of Activision for about $68.7 billion, was submitted to the United Kingdom’s Competition and Markets Authority last month and stipulates that Microsoft would sell most of the global streaming rights for Activision’s games to Ubisoft Entertainment SA. Microsoft said in a statement that it anticipates the CMA’s review of the new proposal will be completed before Oct. 18, the deal’s current deadline.

Activision is one of the largest video game studios in the world and has produced several of the best-selling game franchises of all time, including “Call of Duty,” “World of Warcraft” and “Guitar Hero.” This restructured acquisition proposal builds off of previous attempts from both gaming companies to assuage the CMA’s concern that the deal could “substantially” lessen competition in the cloud gaming market. 

Under the new agreement, Microsoft will sell the global streaming rights to all of Activision’s current and future games to Ubisoft for the next 15 years. This would prevent Activision’s games from becoming globally exclusive to Microsoft’s own streaming service, Xbox Cloud Gaming. 

The streaming rights sold to Ubisoft would exclude those in the European Economic Area and will involve a one-off payment from Ubisoft to Microsoft, which would take place immediately before the closing of the acquisition deal. 

Ubisoft will receive a non-exclusive license to Activision’s games in the EEA and can commercialize global streaming rights to other providers, including Microsoft, under any business model of its choice, including a subscription basis or on a “buy-to-play” model. The CMA said that this new proposal is “substantially different from what was put on the table previously,” and is currently under investigation by the regulator.

Activision confirmed the deal’s $68.7 billion value and added that its current closing deadline of Oct. 18 would not change. Financial details regarding how much Ubisoft will pay Microsoft for the gaming rights have not been disclosed.

“The agreement provides Ubisoft with a unique opportunity to commercialize the distribution of games via cloud streaming,” Microsoft said in a statement. “It will also give Ubisoft the opportunity to offer Activision Blizzard’s games to cloud gaming services running non-Windows operating systems.”

The CMA is currently the only agency opposing the acquisition.