Microsoft had designs on acquiring Sega back in 2020, and eight other studios made the company's "final watchlist" for acquisition, according to documents revealed as part of the hearings over the Xbox Activision deal.
The documents, published by The Verge, include a November 2020 email from Xbox boss Phil Spencer to Microsoft CEO Satya Nadella and CFO Amy Hood. The email takes the form of a request for 'strategy approval,' where Spencer lays out the business case to approach Sega Sammy Holdings for a potential purchase of Sega's game studios.
