"an independent subsidiary"
I think in Bungie there is one great businessman, someone who was able to buy themselves out of Microsoft, then buy the Destiny IP and now secure fook loads of money while being essentially a studio doing what they want.
On topic, I'm getting a little sad with all these purchased because all these companies are out billions and yet we, as consumers, have not got a single new game or studio from it. They could have opened and funded untold amount of new studios with budgets in the hundreds of millions to make whatever they wanted. But nope.