https://www.gamesradar.com/microsoft-leak-confirms-phil-spencer-wanted-to-buy-nintendo-and-valve/
>The Microsoft FTC leaks suggest that Xbox boss Phil Spencer was reportedly interested in acquiring Nintendo and Valve.
>That comes from a fresh round of leaks from non-redacted court documents about the US Federal Trade Commission's case against Microsoft over its deal to buy Activision Blizzard.
>In one of those documents, we see an email exchange between Microsoft Gaming CEO Phil Spencer, chief marketing officer Chris Capossela, and commercial chief marketing officer Takeshi Numoto from 2020. Loosely titled "random thought," the trio talks up the odds of pulling an ambitious acquisition of Nintendo off, which Spencer says would be "a career moment" if it came to pass.
>Less is said of Valve, though Spencer does mention the Steam storefront operator and games developer alongside Nintendo as, at that point, Microsoft had seen a full write-up on the pair and would fully support an acquisition if the chance arises.
>We also see firmer talk of ZeniMax and Warner Bros Interactive, with the former deal eventually going through.
Imagine if it was Valve getting layoffs by Phil Spencer.