Yeah, I read their 8-page filing yesterday. They have two concerns:
- COD should remain multiplatform. (MS has committed to this one)
- COD can't be exclusive to Gamepass. (MS hasn't committed to this one yet)
Their concern is that the console gaming market is tough as it is, but cloud gaming presents an opportunity for new entrants to come in relatively easily (aka Google Stadia).
But if Xbox gets this catalog and makes it exclusive to Gamepass, it'll increase that barrier for future competitors to enter the market. This is also because Xbox is already in a good position because of MS money and cloud capabilities.
They have now given MS 8 days to respond and eliminate their concerns. Otherwise, they will move this investigation to the second phase.