Microsoft seriously considered acquiring Sega and Bungie to

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

Microsoft Announces List of Over 140 Publishers & Studios Working on Xbox Series X Games

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

Microsoft internal emails reveal company's plan to buy SEGA and Bungie - Dexerto

Disgusting, Definitely Buying Sega After This Stunt!”: Microsoft Haven't Tied up Activision, Yet Fans Think Next Merger Has Already Started - FandomWire

The Verge] Microsoft considered acquiring Bungie and Sega (and more) to bolster Xbox Game Pass, internal emails show, Page 13

Sega Executive Unsurprisingly Dismisses the Possibility of an Acquisition by Microsoft

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

Microsoft eyeing up Konami and Sega acquisitions to possibly invigorate waning Xbox console sales in Japan - News

Analyst Claims Sony is 'Under Pressure' to React to Microsoft Acquiring Activision Blizzard