Sega is not ready yet. They need to complete their business separation - actually MS recent investments into hotels is an interesting development, while Square Enix is moneyhatted for two years so this year it won’t happen 
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I think that Sega is more plausible than Capcom at the moment. Capcom games are selling like hot cakes(Monster Hunter Rise already shipped 7 million unities) and Capcom is booming right now, so I don’t see why they would sell.
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But that’s exactly the reason why they might want to sell - they are expensive right now. They can ask for a bigger price because they are successful. Imagine if in the next 5 years they will again return to pre-Monster Hunter situation where they barely afloat…Now they can ask for 10-12 bn for example. But last time their price I think was around 4-5 bn at most.
Success and failure are volatile events. It is kinda a seller’s market right now - gaming companies are more expensive and can ask for bigger prices.
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If Xbox plans are to get the most IP’s for Gamepass than Embracer Group is a no brainer they are already doing all of the acquisitions work for Microsoft. MS would only need to swoop in and buy Embracer to get all of their IP’s.
Embracer has a lot of IPs but most of the same are AA IPs basically. MS should aim for bigger IP holders.
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But them AA IPs is what Gamepass needs and if Xbox own them IPs than they will never leave the service. Them bigger AAA IP MS can also still buy it not like they gone to just stop if they were to buy up Embracer.
It may be easier for MS to do a blanket deal to get Embracer IP on GamePass than to go through full on acquisition.
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I have no problem as long as both are happening. 
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But the whole point of the acquisition is to make sure them games and ip never leave gamepass wile this 3rd party deals the game leave eventually.
They only leave the service if they were “rented” by MS. MS can pay for the development of IPs and get on the service. Then it won’t leave. The games that leave were not financed by MS directly.
Not sure about that cause some games that MS financed still leave gamepass like example Alan Wake and some other games that still leave the service even though MS financed and published them but they don’t own the IP.
Think of those deals as a Lease / Rent to Own, where Microsoft can see how their existing IP fares within the fanbase, then if its huge success they could start Acquisition Discussions.
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I would do it now honestly cause you know Tencent is always lurking Embracer own a massive amount of IP’s that would help boost gamepass a lot.
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I think with Alan Wake situation is kinda odd. Not sure why though.
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So real talk:
It’s up to the mod staff like @Doncabesa and @Knottian but maybe it might be time to put this on “Slow Mode” until an acquisition, leak or rumor because we’re going in circles and accomplishing nothing.
My personal opinion of course, but it seems like we’re back in the “List, argue, other company makes acqusition, doom posting, rinse repeat” phase, people are annoyed, and we’re going nowhere.
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It is already slow anyway.
See that why you need to buy the IP also Rise of the Tomb Raider another game that MS Finance and published but don’t own the IP so it leave gamepass.
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Those games were made before Game Pass though.
I would recommend something more. Closing the thread until that, because now this thread it’s literally useless with a meaningless discussion.
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Does not really matter if before or after since if MS own it they can put it in gamepass. Like example they just put Blinx and Crimson skies.
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