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My personal opinion is that for companies like Nintendo, Microsoft and Sony it makes far more sense to look for small developers who show promise and to work closely with them ... If they are able to produce a quality game, and the companies culture is a good match, then you buy the developer before the game is released.

Established developers will be expensive and a lot of their staff will be far more resistant to change ...
Paying for exclusive games is also not a good idea because you gain no (long term/multi-generation) value from the deal