Shares of Activision Blizzard (NASDAQ: ATVI) hit a five-year high on news it's buying nearly $6 billion worth of shares from majority owner Vivendi.

Activision Blizzard is the second-largest video gaming company by revenue in the world. It has produced best-selling franchises such as Call of Duty and World of Warcraft. But shares have languished over the past few years in part because of Vivendi's ownership stake. A French conglomerate, Vivendi owns 61% of Activision Blizzard, and investors have shied away from the stock as a result.

With this latest news, Motley Fool analyst Ron Gross believes Activision Blizzard's best days are ahead. Now that the company has majority control, it can make strategic acquisitions, issue debt, and make financial decisions with greater speed. Even with today's pop, Ron's optimistic about Activision's future.

Erin Kennedy has no position in any stocks mentioned. Ron Gross has no position in any stocks mentioned. The Motley Fool recommends Activision Blizzard. The Motley Fool owns shares of Activision Blizzard. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.