MS would have had some difficulties integrating Sega and handling all of its operations (like arcades). While Sega would have given MS more credibility in the video game market, I don't think the unit would be profitable if it was forced to make Xbox exclusive titles. I also think many of the remaining 'good' developers would have left more quickly leaving MS a division that was Sega in name only. (This was one of the problems with their purchase of Rare.)
Numbers are like people. Torture them enough and you can get them to say anything you want.
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