Square Enix doesn't own Kingdom Hearts or Dragon Quest. The only big IP they have is Final Fantasy.

I don't think so.

Sony should get them, but it's close after the Bungie acquisition. So tencent or Saudi Arabia seem more likely.

I guess as long as Team Asano and the Dragon Quest team are still able to develop and release games on Nintendo platforms, then I guess that’ll work. Sony hasn’t bothered getting into the HD2D trend as Live a Live, Octopath Traveler, and Triangle Strategy have yet to release on either PS4 or 5. I’m guessing the DQ 3R will come to PS4/5 but the focus will be on the Switch since it’s the dominant platform in Japan and it’s where it’ll get most of the attention overseas since there’s a user base already established on Switch.

Plus Nintendo has a close relationship with Square Enix regarding the DQ IP. Why do you think they announced XI coming to Switch at the time it was just called the NX? Plus it was announced for 3DS alongside the PS4 at the time. Nintendo has marketed DQ really well, even giving the Heroes from DQ XI, III, IV, and VIII a spot in it’s supposed Video Game Hall of Fame in Super Smash Bros Ultimate.

Nintendo should be aware of what could happen with Square Enix so if they can at least maintain DQ and Team Asano on their platforms, they’ll likely be happy as modern FF is not likely coming to even their Switch successor and Square Enix may still not care to put enough effort to get KH on the successor in an actual digital or physical form.

Nintendo seem to be focused more on self expansion rather then buying established developers, at least for the time being.

Besides, can you imagine the fallout that would follow if Sony got square enix but Nintendo got dragon quest, anybody (on other sites) that even suggests Nintendo could get SE or any major IP for any reason gets thumbed down so hard that they would be chilling in satin's wine cellar within the hour

Though Team Asano has been a big asset for the Switch so I’m not sure if they’ll be ok just seeing them go to a competitor. Whether Sony will care about Team Asano that’s another thing.

Yea I can see a backlash if Nintendo were to take DQ. It’ll be like Bayonetta 2 coming to Wii U but tenfold. People will complain that the quality of DQ will fall because it’ll be on inferior hardware or some weird excuse. 

As long as Final Fantasy is on PS and/or PC, I'm good.

Tencent is busy buttering up Ubisoft atm and Saudi Arabia has recently only been purchasing 5% of stocks in other gaming publishers so they would likely either first increase their stock in other companies or just buy 5% of SE starting off. With MS busy with Activision and Nintendo usually doing their own thing without buying big publishers, this would be a perfect time for Sony to step in given their close relationship with Square Enix. The Embracer deal with CD and Eidos isn't expected to close until the end of the summer so any announcement would be mostly likely be after that. 

What benefits did Sony buy them? Really. Square AAA projects were entangled with the Sony pipeline. Exclusivity and multiplatform projects. And all this project doesn´t have the actual market leader, Nintendo. The status quo benefits more Sony than Sony buying Square Enix. 

Maybe Square wants Sony funding the luminous engine games and other AAA projects?

The Ps5 software sales decay is a concerning point for thirds, I suppose. Capcom says PC, Switch, and mobile it´s a missing point and is now trying to develop more projects. Square Enix wants to fund some studios.

For all the people saying , " Have Team Asano and DQ sill release on Nintendo". Stop. Think.

I am sure SONY would like SE to help them restore their prominence in Japan. How will that work if they are still releasing games on their main rival's console in that territory? SONY has a long a strong relationship with SE. They fund/or market most of SE's major releases. When SE announces their non "nostalgia games" they are exclusive to PS or on PS. So in that case what reasons would SONY need to buy SE?

To keep them off other platforms. The only reason it would make sense to buy SE, who acts as 2nd party developer to them anyways.