Not anymore. They are spending $45billion on dividends and stock buy back over the next 3 years.
Apple makes more money than it spends, even with the dividend. Their profit was $13 billion from January to March of 2012.
I don't think anyone can outright buy Activision Blizzard since they are worth so much (and they do generate quite a bit of profit), so it must be just a % of their total stake in the company.