Microsoft has been a studio on a buying spree in recent years. Along with purchasing development teams like Hellblade series developer Ninja Theory and Obsidian (The Outer Worlds), there was also the much publicized acquisition of ZeniMax Media/Bethesda in 2020. In relation to that last one, the filings from the Federal Trade Commission highlighted several big time purchases Phil Spencer, CEO of Microsoft Gaming, truly coveted.

According to an accidentally leaked email thread between Spencer and Takeshi Numoto, Microsoft's chief marketing advisor, the Xbox president spoke highly of Nintendo being a strongly sought-after buy for Microsoft, noting their "rich set of franchises". 

"I totally agree, Nintendo is THE prime asset for us in gaming, and today gaming is our most likely path to consumer relevance", Spencer replies. "I don't think a hostile action would be a good move, we are playing the long game". It's unclear just how long that might be."

Spencer ends the email with this statement:

"At some point, getting Nintendo would be a career moment and I honestly believe a good move for both companies. It's just taking a long time for Nintendo to see that their future exists off of their own hardware. A long time."

While they have the deepest pockets of the major video game publishers, it's fascinating that Microsoft is more committed to buying out the industry, rather than placing a stronger emphasis on seeing exclusive software to sell their brand. For the strength they have in Game Pass, they haven't necessarily been top-heavy in their library since the launch of the Xbox Series X|S. This philosophy may have changed as the years passed, seeing Xbox's strong presentation during their Games Showcase 2023 earlier this summer.

Since this news broke, Phil Spencer has responded on Twitter/X:

We've seen the conversation around old emails and documents. It is hard to see our team's work shared in this way because so much has changed and there's so much to be excited about right now, and in the future. We will share the real plans when we are ready.

We've seen the conversation around old emails and documents. It is hard to see our team's work shared in this way because so much has changed and there's so much to be excited about right now, and in the future. We will share the real plans when we are ready.

— Phil Spencer (@XboxP3) September 19, 2023

In the past, Microsoft was reportedly laughed out of the room when they expressed interest in buying Sega. With Nintendo's 100+ year history and cultural significance, they seem like a company that would sooner take their intellectual properties to the grave before selling them off. Following the pending Microsoft's closure of the Activision Blizzard purchase, there is a binding agreement to bring Call of Duty to Nintendo platforms. Whether that's step one, remains to be seen. But since these emails are several years old, Phil's words on social media likely ring with earnestness.