Watch CNBC's full interview with Activision Blizzard CEO Bobby Kotick and Microsoft gaming CEO Phil Spencer

Activision Blizzard CEO Bobby Kotick and Phil Spencer, Microsoft head of gaming, sit down with 'Squawk on the Street' to break down Microsoft's decision to buy the video gaming company for $95 per share. The pair discuss how their ambitions in the metaverse propelled the pair into the all-cash deal, which is valued at nearly $70 billion. Kotick also addresses how the company is responding to reports from the Wall Street Journal over allegations of sexual harassment and misconduct in Activision's workplace.