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Microsoft wins FTC fight to buy Activision Blizzard
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They're run more effectively than Microsoft has run their gaming division for the past ~15 years or so... Microsoft's gaming leadership has seen one of the most valuable gaming IPs, Halo, flounder again and again and again. They closed all their game studios and spent a whole generation with minimal first party exclusives, they did I don't know how much damage to Arkane with Redfall...
More generally, Microsoft's approach to leading their game studios is to leave them to run the way the studio was ran pre-acquisition. Activision-Blizzard is not going to see major changes to the way they run if this deal does go through (pending CMA). Microsoft will Activision to be run the way it is now, and only intervene if profits dip too much (considering Halo, though, that might take quite the dip).
I don't get the assumption that Activision is going to see some major cleanup from this. They won't.
Microsoft aren't to blame for Redfall. Redfall started development in 2018 but Microsoft didn't buy them til 2021. Redfall sucks because Arkane Austin made a bad game without any input from MS.
Microsoft didn't close all their studios either. In fact they've barely closed any actual studios that have made xbox games. They closed ones that were bad though. Lionhead closed because Fable Legends was bad. I was in the beta, and it was not a good game. It would have absolutely flopped and killed the studio. They closed Ensemble almost 15 years ago. That's about it really.