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Activision Blizzard transfers Destiny franchise rights to developer Bungie

Activision Blizzard Inc. shares tumbled in after-hours trading Jan. 10 after the company said it was transferring full publishing rights for its Destiny online game franchise to developer Bungie Inc.

The video game publisher said it does not expect to recognize material revenue, operating income or loss from the franchise in 2019.

Activision Blizzard and Bungie, the studio behind the Halo franchise, entered into a 10-year publishing deal in 2010 for the development of the Destiny franchise.

"The planned transition process is already underway in its early stages, with Bungie and Activision both committed to making sure the handoff is as seamless as possible," Bungie said in a statement on its website.

Activision Blizzard's shares were down 6.72% to $47.90 as of 5:41 p.m. ET in extended trading after closing 1.02% higher.