Activision CEO, Chairman Sell $709 Million in Shares for Estates

The heads of Activision Blizzard Inc. sold 17.5 million in shares in the video-game maker, raising $709 million for financial and estate planning and cutting their stakes in the company by almost half.

Bobby Kotick, Activision’s chief executive officer, still controls about 20.1 million shares -- a stake of about 2.7 percent -- while Brian Kelly, its chairman, is responsible for about 17.1 million, according to a regulatory filing Tuesday.

The share sales follow an announcement in May that Kotick and Kelly’s limited partnership, called ASAC II, would distribute the shares. Kotick and Kelly had acquired the stake through a complicated transaction with former owner Vivendi SA back in 2013.

Shares of Activision fell as much as 3.2 percent to $40.15 in New York, their biggest drop in more than a month, and were trading at $40.44 at 10:15 a.m. Through Monday, the stock was up 7.2 percent this year.

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