We all know about Microsoft's lack of first party studios. They have opened a few lately to make up for it, but I think that they should buy a few more to increase their first party power. With that being said, here is a list of first party studios that Microsoft should buy.
1. Mistwalker
Why? Alright we all know who Mistwalker is, and we all know how the Xbox brand means absolutely nothing in Japan. Buying Mistwalker would partially solve this problem. They could make JRPGs and give the Xbox brand some meaning in Japan, and give their first party lineup some diversity. They are already funded by Microsoft, so why not?
2. Bungie
Why? I hate the idea of Bungie working under Activision. Their titles will get milked to death, and there is nothing that Microsoft can do about it, except maybe buy them back. If Bungie returns, Microsoft will have a proven Halo studio, instead of the unproven 343 Industries
3. Ninja Theory
Why? Just another developer to make Microsoft's first party offerings more diverse.
4. Epic Games
Why? Cliff Blezinski is an Xbox fanboy, Epic can make some pretty good games, and Microsoft would finally own the full rights to Gears of War. They can make several games at once, and would make a great addition to Microsoft's line of studios. On top of all that, they can make hardcore Xbox games.
5. Crytek UK
Why? I think you all know why I named them. Most of the staff here used to work at Rare. They could revive Perfect Dark, and make that long-awaited Conker sequel.
Others:
Remedy Entertainment
Infinity Ward (if MW3 doesn't do well)
Radical Entertainment
Twisted Pixel
