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Microsoft was looking at acquiring both Bungie and Sega, according to internal documents from the FTC v. Microsoft hearing. In an email seen by The Verge, Xbox chief Phil Spencer wrote to both Microsoft CEO Satya Nadella and Microsoft CFO Amy Hood, requesting a strategy approval to approach Sega Sammy over a potential acquisition of its Sega gaming studios.

"We believe that Sega has built a well-balanced portfolio of games across segments with global geographic appeal, and will help us accelerate Xbox Game Pass both on and off-console," said Spencer in the November 2020 email.

Spoiler!
Spoiler!



Source: https://www.theverge.com/2023/6/26/23774482/microsoft-sega-bungie-acquisition-targets-internal-email-xbox

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Pretty big, I wonder where they are in any of the discussions - obviously they lost Bungie since Sony bought them out.

Also would be huge if they do buy them - that is Sonic, Persona, SMT, Yakuza, etc - a lot of big IPs.