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platformmaster918 said:

Sony was rolling in the dough during PS2 and could have easily bought them out after the sales started to slump and revitalized them


Why would they want to do that?  The damage was already done.  They could spend years and lots of $$$ rebuilding confidence in those franchises or just carry on with the new franchises they were already making.

Besides, Activision may not have wanted to sell them at all.  It's not like they needed the money.  Better to sit on a franchise in case you can revitalise it yourself one day (i.e. Skylanders) than sell it while it's worth bugger all.