I thought it was terrible news. But Bungie is so much smaller than ActiBlizz - they have one active franchise in one genre and maybe another one starting soon in roughly the same genre. Meanwhile ActiBlizz has something like a dozen popular franchises.
It's like the difference between Comcast buying a small, local ISP vs. Comcast buying Verizon in terms of scale and number of people impacted.
To be frank, Sony seem to have bought Bungie more for its live service expertise than its IP. Not fond of this direction but it's hard to argue that Sony bought them to starve Microsoft of game releases - Bungie has like one franchise that's so-so in popularity.
I do agree here, but also I think if a company is acquiring to give an even better service to their own users it's a good thing (as one of those users). I'm sure I read they've agreed to keep them cross-platform so it won't impact Playstation users (maybe a delay with new games being released on Playstation, like how FF16 isn't on Xbox yet) - but what I am really hoping for is the games simply become part of the Xbox Ultimate subscription.
For me personally, neither Activision nor Blizzard has released a game I wanted to play since Legacy of the Void (2015). This will not have any impact on how I play games for at least the next 3 years.
I have long term fears that month-to-month game subscriptions will eat the world and in 15 years people pay for games in the same way they currently pay for streaming videos ($10-$20/mo to many content providers).