There’s plenty of great bits of Embracer but most of them are scattered about the operational units and may not even be published by the same operational unit. There’s complexity there in any transaction. Nothing that can’t be overcome (or ignored - by not buying publishing rights and just dealing with not having them), but I think it makes any purchase a bit less appealing and a bit less likely to come to a satisfactory agreement to both parties (who often disagree on the relative value of certain things to each other).
For example, 4A Games is a subsidiary of The Saber Group, while the Metro games have been published by Deep Silver, a subsidiary of Plaion, which is in turn a different subsidiary of Embracer. They’re currently building the next Metro, published by either Deep Silver or Prime Matter (both Plaion brands), it’s unclear at the moment.
In the case of CDE (Crystal/Eidos), they’re already doing a lot of support work for Microsoft, but their big ticket next game is being published by Amazon games as part of their push into the IP, they’re also making a TV show for Tomb Raider.
When we think about these two specific examples, Metro is probably a bigger deal to Plaion than it is to Microsoft, certainly it’s a significant product for them and they don’t have a lot of other significant products. For Amazon, while they’re a big company, pushing into Tomb Raider seems important to them pulling off a multimedia strategy. In both cases I could see Microsoft not thinking it’s worth actually buying up those rights vs what they’d be sold for. We’ve seen this happen before, when they either did not want to or were unable to negotiate an agreeable price on The Outer Worlds 1 - which remained multiplat despite being unannounced at the time of the acquisition, and which remains published by Take Two/Private Division to this day. They paid for Gamepass rights, and that was it.
Philosophically, although Microsoft is clearly happy to work with CDE subsidiaries and got marketing rights for the last Metro game, they did not snap up either developer when they were for sale. 4A sold for a meagre sum in 2020, which was well into Microsoft’s developer buying spree. CDE was also sold for a song to Embracer. You can of course argue that Microsoft was too busy to buy CDE because of ABK - but that doesn’t explain why, if they were so interested in their output, they didn’t try to do other things, like sign up to publish the next Tomb Raider instead of letting Amazon get it. Or sign up to publish Eidos’ next game, whatever that is.
I think if they planned to immediately buy the companies post ABK, they would have done stuff like that to prevent situations where, a year or two down the line when they tried to buy them, they then had to contend with this awkwardness surrounding other people publishing games deep in development.
Granted I won’t make any definitive claims about them “definitely not” being interested in buying units of Embracer, but I also don’t see signs that they especially care versus just continuing to have them as partners and occasionally getting gamepass deals.