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.
Including games like Syndicate and Populous.
And Command & Conquer
And Ultima
And Freelancer (though that one is MS holding on to it)