Nintendo has less need to buy studios. Their platforms are first and foremost, vehicles to sell their own software. Not to say third parties don't matter or sell, but every Nintendo console lives or dies based on the strength of Nintendo's own blockbuster games. Second, Nintendo's stated multiple times that they're not interested in buying out studios. To them, games are only as good as the people behind them, and if those people leave, then you just have a name and facility, but none of the talent or culture that made those games great. This is why Nintendo prefers partnerships over acquisitions. The studio keeps its freedom, but Nintendo's marketing, characters, producers, and war chest are all readily available whenever they sign one of their games.
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