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Xbox's studio expansion was carried out by a leader who's no longer there to support a business case that no longer exists. The only cause for faint hope is that they have a track record of letting studios return to independence (Bungie, Twisted Pixel, Toys for Bob etc).

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There are also *some* buyers out there who are interested in acquiring experienced teams with an established back catalogue. I don't know if Microsoft would want to let the latter go, though.