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MS agrees to "stake" Nintendo in the game business. Microsoft Game Studios (and Halo, Killer Instinct, Forza, etc.) lives on but will be on Nintendo consoles exclusively. Nintendo's online network becomes XBox Live. 

Nintendo agrees to use Windows mobile OS on their future handhelds and make a few games for Windows Phones exclusively to try and get kids hooked on the Windows/Metro interface rather than iOS/Android. 

Perhaps there is a deal there to be had if MS is getting tired of the game business.