Will Microsoft sell Rare's IPs to Nintendo?
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Highly doubt they'll sell IPs, shutting down a studio is one thing but they'll hold a deathgrip around IP all the way to bankruptcy.
Just look at EA for example, they've closed down MANY studios but still maintain every one if those IP rights.
The Dawngate fiasco made things even more clear. They had shut down the game, the studio, and had no interest in even entering that market again because they weren't making League of Legends money when the game was still in beta. (And it was better than League with more variety in characters and they did the differentiated forms of income way better than league as well as having even "passive" gold generation be active and something you can control to an extent [there were workers mining that gold and you could attack the enemy workers to disrupt it or even capture the mine yourself, though it being right outside the enemy's base makes it a pretty clear case of defender's advantage])
Fans started a Kickstarter and hit their fundraising goal to buy the IP. Then, when they did this, EA realized they were serious and raised the price out of their reach. Fuck EA.