Ninja Theory was a bargain purchase for Microsoft

Interestingly, while the acquisition of Ninja Theory was significant, it was just one part of a much larger scheme. Microsoft's list of potential targets is much longer with bigger names, which includes heavyweights like Remedy Entertainment, 505 Games, People Can Fly, CD Projekt Red, Mundfish, IO Interactive, Fireproof Studios, Giant Squid, and FromSoftware.

Moreover, the documents revealed Microsoft's intentions of buying Sega in a bid to bolster the Xbox Game Pass, a move that was underlined by the business plan devised by Xbox Gaming CEO Phil Spencer and other Xbox leaders. Even Bungie, now owned by Sony, and Activision Blizzard, for whom Microsoft had considered splurging a staggering $69 billion, found their way onto this list.

It's a bargain as well considering that Sony paid nearly double to buy Insomniac Games ($229 million) in 2019 and Respawn Entertainment cost EA so much more ($455 million) in 2017.

Of course, this isn't even on the same level as Square Enix's firesale last year, when Embracer Group bought all its western subsidiaries.

In any case, Microsoft appears to be playing the long game with its Ninja Theory acquisition. The studio has only released two projects since the buyout, one of which was a little-known title, Bleeding Edge that came out in 2020. Senua's Saga: Hellblade 2 isn't scheduled to come out any time soon but it will be exclusive to the Xbox Series S/X when it does. The studio is working on an experimental psychological horror game, Project Mara, which has been in the works since, at the very least, 2020.

If nothing else, this disposition has been a treasure trove of information about what Microsoft has been planning for years as it tries to keep up with Sony.

In any case, Microsoft previously expressed its confidence in being able to outspend Sony, which makes sense when you're worth trillions of dollars.