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Nintendo doesn't need to go third party any way. They're not broke (or anywhere close) like Sega was and they don't have a ton of debt like Sony does (in fact they have zero long term debt).

What they need is for the Japanese management to be slapped upside the head (Iwata included) and for competent Western management to be installed immediately to assist in rejuvenating the company.  

That and they may need to seek out a hardware partnership with another party such as Apple, Google, Samsung, or perhaps a content alliance such as one with Disney.

Then they can compete with anyone.