Microsoft pretty much f'ed up with its exclusives. They had to make a new team, just to save Halo, and now they need to do the same to save Gears, but in this case, they don't own the IP, so they have to buy that too. I think Gears:J will be important, because if that's successful, they'll have to get whole thing, before it's too late. It will cost them a lot of money to buy such a huge IP, and a team (buying People Can Fly would be the logical step).
And where their other IPs stand? Alan Wake will probably go multiplat, and I don't think they would pay for a 1m franchise. Besides that they've got Forza and Fable, and some old IPs like Crackdown and PGR, and a bunch of Rare stuff. Their strategy was successful in this gen, but I don't think it will be on the long term.
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