He’s right
They are essentially a smaller ABK but with Japanese IP, it’s an ideal acquisition for many reasons
These other suggestions like Paradox do nothing for me, too PC focused for my tastes and don’t cover all the bases like a Sega would
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Not trying to pick on @CryOn specifically with this gripe because this terminology has been all over the board recently, but the “Company X is owned” phrase really drives me nuts.
Every company is owned by someone, be it a sole proprietor, a partnership group, a corporate parent, or public investors. So saying “Company X is owned” means nothing.
I realize the meaning with this phrase is that Company X has a corporate parent, but when it comes to M&A that doesn’t really mean anything either. The Sega game studios are owned by corporate parent Sega-Sammy, but Xbox was prepared to attempt to acquire them from that parent.
Note in the Xbox M&A document that one of the screening criteria to filter companies was “recently acquired.” So the M&A team was ignoring firms that were recently acquired under the assumption that the new owner must really want to keep them if they recently went to the trouble of buying them.
But the corollary to that is that if the firm was not recently acquired then it’s fair game. Xbox is/was perfectly willing to attempt to make deals for firms that already have a corporate parent.
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Wow even Roblox is on there, I thought they would be way too toxic for MS to even consider. I love that the ABK deal is allowing us to peek behind the curtain.
It’s really good to see Focus, Team17 and Devolver also reached the publisher list.
Not sure how Crystal Dynamics and Eidos never reached the list with Asobo though.
Microsoft should acquire Itch.io if they want to get closer to game developers and build a better relationship with indies. They acquired github many years ago and its been one of their best acquisitions.
You mean by looking at my OP that got this whole ball rolling? Sure seems to be the vast majority of the list I made in 2020 
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Wow that’s pretty crazy. We were right about the 3 big targets: SEGA, Paradox, CDPR, but there are many surprises in this list. Of course, these are only companies that are considered by Microsoft, nothing says that they will be acquired in the months or years to come, but all this gives us a clear answer on Microsoft’s ambitions. The acquisitions are far from over! Besides, I read that Microsoft wants to double Xbox revenue by 2030. Grab some popcorn because the series is just getting started.
I don’t know if that’s a good thing, but it answers a lot of our questions. Microsoft seems to have a colossal appetite and they are probably heading for some great acquisitions (and not necessarily just publishers).
Just a theory but maybe it’s because they were owned by Square Enix? Crystal and Eidos work for Microsoft, with Embracer issues, I think there is still a chance to acquire them. But when you see the list of companies considered, I think there are many alternatives in case of failure.
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Some of us were right 
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I think they should buy Playground Games and Obsidian again.
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My prediction of the Studios/Publishers that will be acquired by Microsoft by 2030
Publishers:
SEGA / Rovio (Mobile) for all that is implementation on the Japanese market and large trunk of IPs
Warner Bros (of course that includes the Studios but it would be more to develop transmedia and for IP addresses. Having production Studios (the Minecraft Film for example) and HBO for the series + of course the ability to make comics. in the lot there are obviously Studios, Nemesis Technology, Warner / DC IPs and a good Vs Fighting NetherRealm Studio) But it’s not the target of the acquisition it’s really transmedia and Studios capable of produce films and series which Microsoft currently does not have.
Paradox Interactive because it fits Microsoft’s PC-centric gaming strategy
Studios:
IO Interactive developing the Dragon project for XBOX
Level-5: who is a bit like the Ghibli of the JV the Nino Kuni have all arrived in the Gamepass recently there seems to be a nice rapprochement and a big partnership story True Fantasy Live Online which was to be developed for the XBOX plus Spencer is looking for clearly the Studios with a unique leg.
Certain Affinity: It’s a big support studio for them whether it’s for Halo, DOOM according to rumors they even have 2 projects in development for XBOX Project Tatanka (a Halo Battle Royale under Unreal Engine 5) and a Monster Hunter Like
Playtonic Games: Because they are very close to Rare and could develop series revivals like Banjo Kazooie, Jet Force Gemini, Conker, Battletoads…
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TBF Playtonic are more Rare than actual Rare these days… Most of the staff were the teams which worked on Banjo etc.
It would be interesting if they could get the GoldenEye guys back too (Free Radical Design).
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If Phil wanted a shopping list he could’ve just asked me…
I hope the mobile site is satisfied after the ABK deal. With a lot of companies struggling at the moment and the announced divestment of Assets by Embracer, I would like them to pick up some individual studios during this situation. There is still a lot of quality independent studios in the market.
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I am REALLY curious what would happen if they went out and bought Sega next, right after all this push back from regulators that are getting absolutely embarassed and it looks like markets will be defined in an advantageous way for Microsoft.
Would they really try to stand up and block again after being so thoroughly and completely embarassed here?
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No one could argue Sega is large enough to warrent concern.
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I would hope not, it’s looking like the FTC will lose the ABK case but I just can’t help myself to think that Lina Khan has taken loss personal and will block any acquisition that Microsoft tries to make.
When it comes to the FTC, I reckon it will be the same process because of their current views on Tech. Everywhere else I think most will not go past phase 1, including the EU. CMA probably going to try and drag it out, but not block this time.
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https://twitter.com/RBXNews_/status/1673849092538023936?t=2mmYC69FxfacRn44prL0MA&s=19
We dont have info on what xbox acquisitions targets are from 2022 to now?
I agree with you Jesse, however, if it’s just studios, I don’t believe that there would be any issues.
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People usually talk about IO, Asobo and Certain Affinity as acquisition targets (as they should, MS should grab all 3 of then ASAP)
More obscure but equally valuable
11 BIt Studios, Huge for PC Game Pass. Frost Punk 2 as a day 1 Game Pass game 
Paradox Interactive, again huge for PC Game Pass
I wish they could have gotten Deep Rock Galactic devs but they got Embracer’d
I dont think Super Giant should be bought nor would they want to be, they make a killing off Steam and Switch. Better to make Game Pass deals with these smaller studios, same with Playdead, they already did this with Team Vherry and Silksong is going to be huge
Up until recently I was all for MS buying Sega but honestly even I’m starting to think that MS doesnt have to go full on acquisition rather just buy a good stake, maybe 30-40% of a company, you can avoid as much regulatory scrutiny and still have enough pull to get Game Pass day 1 games and marketing. Buying stakesin companies is a good balance between buying the cow and getting the milk for free
Imagine Xbox being the de-facto console for Atlus, Yakuza and Sonic, and whatever else Sega makes.
That being said they SHOULD make an effort to grab Relic and CA from Sega.
Blizzard, Paradox, 11 Bit, Relic and CA under Microsoft, PC Game Pass would explode
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https://twitter.com/MilesDompier/status/1673835628012933123?t=WC3wnnC7NuEvvtutWpACaw&s=19
Agreed. Will there next acquisitions focus on mobile and game pass with side of pc? Sega and Capcom both fit the bill.
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I prefer they not buy Capcom tbh, I think Capcom games need to stay everywhere and i dont see the point in MS buying a company unless it was for exclusives
I wouldnt mind a Game Pass deal though. I wonder how much MS would have had to fork to Capcom for RE4 remake day 1 on Game Pass.
Capcom definitely likes Game Pass at least for smaller titles
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