Jan 25th 2008 7:31AM Vivendi Games was recently acquired by Activision. The investment bankers on the deal were Goldman Sachs, who published a transaction analysis entitled "Activision Blizzard: Combining to create a diversified publisher" on December the 5th.
The analysis clearly states on page 4 that "Blizzard Entertainment, a division of Vivendi Games owning World of Warcraft, is expected to have $1.1bn in C2007 revenue and ~$520mn in operating income, representing industry high margins of 47%."
This is separately reported here: http://www.economist.com/business/displaystory.cfm?story_id=10251308
There you have it. Speculation closed.