tl;dr from the article:

What you need to know

• The FTC is trying to stop Microsoft's acquisition of Activision Blizzard for almost $69 billion.
• After having a preliminary injunction denied, the FTC appealed the decision to the United States Ninth Circuit Court of Appeals, appealing the decision and seeking injunctive relief.
• The injunctive relief, which would've extended the existing temporary restraining order, has been denied. 
• Microsoft can legally acquire Activision Blizzard in the U.S. very shortly.