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Darc Requiem said:
Both Spryo and Crash were owned by Universal. They were developed by Insomniac and Naughty Dog for Universal Interactive. Sony bought exclusivity for both franchises during the PS1 era. When Naughty Dog and Insomniac decided to work for Sony instead of Universal, Universal kept the rights to the Spyro and Crash franchises.

Side note: This is one of the reasons I find it hilarious that Sony fanboys get upset when MS buys exclusivity. It is something Sony relied on heavily during the PS1 and PS2 eras. Yet when another company does the same thing, they take issue with it.

i agree