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Two big reasons....

First, Microsoft has to pay attention to anti-trust law issues much more closely then other companies because of the Windows monopoly. If MS was to buy up a bunch of gaming studios this could be construed as building another monopoly in gaming and supporting a greater monopoly with Windows.

Second, North American companies have a culturally different business model to run under then Japanese companies. In North America when you hire employees it is much more difficult to fire them, and many North Americans are more concerned about social aspects of their lives then careers. Therefore, it is better to "contract" studios then to own them because if they start to perform badly, then you can just not give them the next game contract.