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MS has been closing its studios.  It seems that this generation their plan is to get 3rd party developers to make games for Microsoft IPs like Crackdown, N3, Lost Odyssey, IU, etc.  Seems to be more cost effective than operating their own studios.  Problem is the consistency of the products.  If another Crackdown is made from a developer other than Realtime Worlds it could totally kill the franchise. 

I found a list of MS trademarks.  The video game IP's are pretty interesting.