It’s not clear what happened with the Sega acquisition and whether Nadella ultimately approved talks. But in a Microsoft internal April 2021 merger review document, Sega was still listed as a key target. Microsoft had identified key areas for acquisitions in PC, mobile, and console across different markets, and Sega, Bungie, Zynga, and IO Interactive were part of a number of companies Microsoft was seriously looking at acquiring.
Gross. Keep your hands off of Sega, Microsoft… I like their games, and your track record of developing games has been lousy since the 360 days. Plus, you know, the whole market consolidation thing…