Microsoft seriously considered acquiring Sega and Bungie to

Other studios, including IO Interactive and Zynga, were also on Xbox's watchlist.

Sega is uninterested in being acquired by Sony or Microsoft

Microsoft Considered Acquiring Sega, Bungie, IO Interactive, And More To Bolster Xbox Audience - Game Informer

Microsoft considered acquiring Bungie and Sega to bolster Xbox Game Pass : r/XboxSeriesX

Microsoft explored buying Sega, Bungie, Niantic, and IO Interactive, wanted to spend Sony out of business

Sega says it's not open to acquisition talks following Microsoft interest

Everything we learned from the Microsoft vs FTC hearing

Microsoft Was Serious About Acquiring Sega, Bungie, And Other Gaming Studios For Xbox Game Pass Subscriptions - Gizbot News

Microsoft considered buying Sega, Bungie, and more studios for Xbox

Microsoft considered buying Sega in 2020, and had other developers in mind as well to buy - Neowin