Usually consolidation is done by expensive buy outs (which this one was). And if the company is public, the CEO’s next goal (since it now has valuable IP and has eliminated a competitor), is to make that money back and do so fast (see Disney with Marvel, Star Wars, etc.). This means exploiting its newest IP, farting out something that a known audience / fanbase will show up for (again - unfortunately - see Disney).
This doesn’t necessarily guarantee shitty outcomes (see Andor in the case of Star Wars being bought by Disney, see Overwatch after Activision bought Blizzard), but usually it comes with the territory of new bosses eventually trying to squeeze more value out of the IPs and team resources they purchased (see “Secret Invasion” by Marvel under Disney, and see “Overwatch 2” by Blizzard under Activision).
Depending on the company, they’ll also do MASS layoffs to “eliminate redundancies” - which in theory means firing people whose jobs encompass the exact same practice, but in reality means a bunch of people are about to have their work load doubled.
The people at the very top of the bought out company will get HUGE piles of cash, plus some requirements they stay on board usually for some amount of time… and then most of them will probably bail the moment their stock “vests” - allowing them to start up new companies and begin the cycle of “make stuff, then get bought out by big company” all over again.
Rarely a key person stays on board for some time (see Carmack with Facebook / Oculus for example), but eventually even the most passionate dev sees that their new bosses will never fully get behind them in the way they were able to do when they were not owned by said parent company.
From a broader “industry-wide” perspective, it’s probably not great either, because the mass layoffs at a gigantic well-regarded company means more workers competing across a mostly non-unionized industry for less jobs (and if you’re just starting, now you’ve got to compete with someone who has “Blizzard” on their resume).
Worse still - because the video game industry is already pretty exploitative of its workers, since it (like VFX) mostly came into being after the Reagan era completely destroyed the public perception of unions, the jobs everyone will be competing for will just have even worse conditions since soooooo many (younger folks especially) dream of working on video games (until they get their first industry job, get a few years under their belt, and been there for more than one studio closure and decide that - if they ever want to enjoy having time with their family, owning a home, and living somewhere for more than 5 years, they probably should change jobs to some relevant field in software dev that pays better, has less hours, and is overall more stable).