Unquestionably EA. Activision have already 'won', if you like - they have Call of Duty which they can pretty much sit on and do nothing to, and it will print them hundreds of millions of dollars each year. They're good at making money, to the point where they've found their golden goose with very little damage done.
EA, on the other hand, have the same goal of finding a mega-franchise to copypaste each year for massive bucks, but fucking suck at achieving it. Their comprehension of how to make a successful game extends no further than 'copy CoD', which doesn't even work particularly well because there are a limited number of very specific reasons why CoD is so successful, and just copying mechanics, themes, etc across at random has a very low chance of success. Additionally, the market for 'pseudo-realistic multiplayer FPS' has already been pretty much cornered, and EA would be much better off finding another avenue to go down.
But no, apparently everyone who works there cannot look deeper than pure sales numbers. And so EA will be left to pick up, ruin and subsequently abandon game after game until they either stumble onto something successful or run out of money.