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Even though it has been published by Microsoft Game Studios, it does not imply that Microsoft own the rights/licenses.

If you take a look at the Gears OF War copyright info it says

"Gears of War, the Crimson Omen, Unreal, and the Epic Games logo are either registered trademarks or trademarks of Epic Games, Inc., in the United States and/or other countries."

Even most of Rare's franchises such as Conker, Banjo etc.. went to Microsoft after they purchased Rare. Another reason why Nintendo is struggling to bring Goldeneye to the Virtual Console.

Blue Dragons Copyright info is not very clear for now,



Heeeeyyyy!!!! <Snap>