Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of video game publisher Activision Blizzard (NASDAQ: ATVI) surged 13% today after announcing an $8.2 billion deal to split from parent company Vivendi. 

So what: Activision is buying the stake from Vivendi at a 10% discount -- $13.60 per share -- to its closing price on Thursday, suggesting that the Call of Duty and World of Warcraft purveyor is getting a pretty sweet deal to gain back its freedom. The Vivendi sale will reduce its holdings from 61.1% of Activision's common shares to just 12%, triggering optimism that the deal will allow Activision to finally unleash some of its seemingly pent-up entrepreneurial creativity.

Now what: The deal is expected to close by the end of September 2013, subject to standard closing conditions. "We should emerge even stronger -- an independent company with a best-in-class franchise portfolio and the focus and flexibility to drive long-term shareholder value and expand our leadership position as one of the world's most important entertainment companies," said Activision CEO Bobby Kotick. So while I wouldn't usually touch such a hot stock, today's pop might just be the start for the suddenly nimble, flexible, and independent Activision.

Fool contributor Brian Pacampara 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.