Bungie splits from Activision, keeps Destiny

By now, you've probably heard the news (or perhaps your teenager told you?): Gaming giant Activision Blizzard (NASDAQ:ATVI) is splitting up with one of its most popular game producers, Bungie.
In a terse statement filed with the Securities and Exchange Commission yesterday, Activision reported that, henceforth, Bungie will "assume full publishing rights and responsibilities for the Destiny franchise," once one of the most popular video games on the market. "Going forward," said Activision, "Bungie will own and develop the franchise."
Investors clearly didn't like the news, with Activision stock falling as much as 13% in Friday morning trading and no fewer than six separate analysts cutting their price targets on Activision stock in response.