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For all the talk of Nintendo having bad relationships with third parties, they have a pretty good track record in terms of letting other developers play with their IPs. In the 90s there was Rare with Donkey Kong Country. Then there was Capcom with 3 handheld Zelda games. I think Next Level Games is also technically third party and they've done 2 Luigi's Mansion games and Punch Out. It doesn't always work out, with Federation Force, Other M, and Star Fix Zero, but I wouldn't say any of those were bad. Co-developing a new IP with a third party seems like a new thing to me, as Rare's IPs like Banjo and Conker stayed with Rare, not Nintendo.