Is The Last Story first party or third party?

[Wright]

Darc Requiem said:
From my understanding The Last Story is just like Lost Odyssey. They were both developed by Mistwalker but the IP itself belongs to the platform holder. Nintendo owns The Last Story ip and MS owners the Lost Odyssey IP. Lost Odyssey 2 is just about the only game that would get me buy and Xbox One.

Neither Nintendo nor Microsoft owns the IPs. In Nintendo's case, I'd say Mistwalker has entire property over the game. In Lost Odyssey, I can't really put my finger on who has who. MS has repeatedly say that they can't develop a LO sequel because the ownership of the IP is a complicated matter.