Shares of Activision Blizzard (NASDAQ: ATVI) hit a five-year high today. The company behind best-selling video games like Call of Duty and World of Warcraft are buying nearly $6B worth of shares from majority owner Vivendi. In the lead story on Investor Beat, Motley Fool analysts Ron Gross and Charly Travers examine what the deal means for Activision, whether competitors like Sony (NYSE:SNE) and Electronic Arts (NASDAQ:EA) should be scared, and why investors may have already missed the boat.

Charly Travers has no position in any stocks mentioned. Chris Hill 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.