Microsoft has agreed to buy the major gaming company Activision-Blizzard in a deal worth nearly $70 billion.

If approved, the deal - first reported by the Wall Street Journal before being confirmed by Microsoft itself -would give Microsoft control over major franchises such as Call of Duty, World of Warcraft, Crash Bandicoot and more.

It would also make the Xbox-maker the third largest gaming company in revenue terms, behind Tencent and Sony.

However, it's believed the deal may not be finalised until mid-2023.

In a statement, Phil Spencer - CEO of Microsoft Gaming - said: "Until this transaction closes, Activision Blizzard and Microsoft Gaming will continue to operate independently.

“Once the deal is complete, the Activision Blizzard business will report to me as CEO, Microsoft Gaming.”

The tech giant also says it intends to put as “many Activision-Blizzard games as we can” on its GamePass service - a Netflix-style subscription service for Xbox and PC games.

It comes after months of allegations around sexual harassment and toxic workplace conditions at Activision-Blizzard - allegations that have led to investigations, the resignations or firings of several senior staff, and calls for the firm’s long-serving CEO Bobby Kotick to resign.

Microsoft says Mr Kotick will remain as CEO of Activision-Blizzard, and will report to Mr Spencer once the deal is complete.

Activision-Blizzard also owns King, the mobile gaming firm responsible for games such as Candy Crush.

Today’s news is the latest in a long acquisition spree for Microsoft, who last year bought gaming firm Bethesda - the developer and publisher behind hit games such as Skyrim, Doom and Fallout.

In that case, Microsoft has indicated plans to stop releasing Bethesda games on Playstation consoles, despite previous games in those series having appeared on Sony's machines.