Microsoft’s announcement earlier this month of its intention to buy Activision Blizzard for $75 billion in an all-cash deal was met with breathless headlines across the digital gaming space. More interesting is what Satya Nadella, chairman and CEO, Microsoft said about the move: “We’re investing deeply in world-class content, community and the cloud to usher in a new era of gaming.” And he should have added, “a new era in our competitive strength in all aspects of digital advertising across all sides of the value chain, too.”