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Under the current video gaming environment, the closest thing I could see possibly happening, is Sony and Microsoft do a joint venture after the next generation of consoles. Obviously it'd rely on Sony's expertise on hardware and game development(inhouse studios) as well as Microsoft's software and marketing prowess. It'd actually make a lot of sense and be a very profitable venture (cuts costs, reduces competitive price points, and increases customer capital), But it requires both companies to concede their differences and give up a lot of ground they have been battling for for over a decade now. It's hard to see that happening, but I could see it being a possibility.