The FTC announced that it will appeal against the decision of Judge Jacqueline Scott Corley. The latter earlier this week refused to impose a preliminary injunction on the purchase of Activision Blizzard by Microsoft.
The arguments of the regulator are unknown, since at the moment only a notice of appeal has been filed by the FTC. Information about the arguments will appear after the appeal goes to court.
According to The Verge, the regulator needs the appeals court to urgently extend the temporary injunction on the completion of the transaction between the companies, which expires on July 14 (it was imposed in June just for those hearings, as a result of which it was decided not to satisfy the FTC requirement).