ActivisionBlizzard is a $13B company and might be able to stomach the acquisition but it might also run into govt issues in a merger of the two biggest gaming companies.
ActivisionBlizzard is itself up for sale. They aren't going to buy a $4 billion company anytime soon. Plus it would be far more profitable for Activision to take properties they have lying around and put them into development than buying up EA and figuring out what to do with it.
Now it would be interesting for a media company like Comcast (90B) or Time Warner (40B) to pick EA up and try to fold them in to diversify revenues. However, again - not many people like to buy a declining business unless there is a gem you can harvest and sell off the rest.
Both of those companies have been burned by huge purchases related to entertainment and online services in recent years. Comcast maybe regretting their NBC purchase, since they are chopping up the most profitable shows. Time Warner...they do own Warner Brothers which owns Warner Brothers Interactive, which has put out a lot of games in recent years, and which owns Turbine, which owns LOTRO/DDO/Asheron's Call. However, they are suffering from the same problems that EA and Activision are suffering.
Plus if Time Warner wanted to get really big in the gaming industry, they already have the IP with all of their movies, TV shows, DC Comics, and numerous past acquisitions, they just need to go out and start buying up smaller studios or just hiring people. It would be more profitable for them to spend $2 billion on building up Warner Brothers Interactive than spending $4 billion or more on EA. As a matter of fact, within Time Warner, there are dozens of former videogames from years past that they could reboot if they wanted to, in addition to all of the IP they actively develop.
You buy smaller companies with a growth story - not a larger company with a decline story.
Exactly. Some people have tossed around Apple (since they have like $80 billion cash), but Apple is still at its heart a hardware company, and they've even tried to get out of some software areas that they are currently in, and they are trying to reduce the amount of Windows software they offer. Apple has tons of developers flocking to Macs anyways - even EA is offering Origin for Mac OS X. They don't need to spend billions on something that's already happening.
Another one was ZeniMax. ZeniMax is like Time Warner and Activision. They have so much IP that is not being actively developed. It'd be cheaper for them to boost their current companies/divisions and reboot some of their older IP than to spend billions buying and then integrating EA.
Ultimately, any videogame/entertainment company big enough to buy EA probably has dozens, if not 100+ former major titles just lying around unused that they could draw from. Browse through GOG.com. That's just the tip of the iceberg on gaming IP that is no longer in development.