I think I may be out on the idea of MS buying the WB studios. Putting aside for a minute that I don't believe they're going to actually be sold anymore at this point, I'm starting to rethink what they'd really be worth in terms of price. There's no doubt that they have some talented people, capable of making very good games, but the output isn't particularly strong if we're being honest.
WB Montreal hasn't released a game since what....Arkham Origins? So Gotham Knights will be their first game in 8 years. Yikes. Mind you, they're not working with a new IP here either, where they had to spend a ton of time figuring out the setting, characters, core gameplay loop, etc. They're taking an existing formula, and adding RPG mechanics and co-op. Not to diminish their work, but that's not exactly a herculean undertaking.
Then we have Rocksteady. They haven't released a game since Arkham Knight. Assuming Suicide Squad makes it's 2022 launch date, it'll be 7 years for them. Now, they've at least jumped around in the DC setting a bit, and I would imagine they gameplay loop is going to be rather a bit different from their Arkham games, but 7 years is still a really long time. And that's how long they're taking to make games that are ultimately set in the same universe, with established characters and stories that have tons of source material to draw from, and according to them, in the same continuity as their previous titles.
What happens when you eventually take away these licenses, that you'd have pay AT&T hand over fist to keep, and ask those studios to make something entirely new? How long would they take then? An actual decade for the first entry? No thanks man.