Activision Blizzard (ATVI) said Tuesday that it plans to acquire King Digital Entertainment (KING), maker of the popular game 'Candy Crush Saga' for $5.9 billion. Activision said it will pay $18 for each outstanding King share -- a 20% premium over the stock price on October 30th but less than the $22.50 King fetched during its 2014 IPO. Activision is best known for producing traditional games like Guitar Hero and Call of Duty that are played on PCs or gaming consoles. Now it will have a stronger foothold in the mobile gaming industry. UK-based King was the third-ranked mobile game publisher worldwide on iOS and Google Play in September, according to app analytics site App Annie. AIG (AIG) missed even the most dismal projections for earnings. The insurance giant reported adjusted 3rd quarter earnings of 52 cents a share, about half of expectations. AIG will also cut 300 to 400 senior management jobs. Fitbit (FIT) shares are lower as company executives say it will sell more shares in a follow up public offering.

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