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thekitchensink said:

With the Prime games, it didn't really matter, as Retro was owned by Nintendo, so it was 'fircond party'.

 

Since this one's jointly developed by Nintendo and a completely separate third party developer, what do you call it?  'Thirst party'?  Hopefully not, because then everyone would need a drink.

The deciding factor of first/third party is the relationship between the game developer and the console developer.

Game Developer == Console Developer : First Party
Game Developer != Console Developer : Third Party

Unless someone would like to claim that Nintendo owns Team Ninja then Metroid: The Other M is clearly a third party game.  

The fact that it is using a Nintendo IP is irrelevant.