On top Sony paying for exclusives. However factor in Activision allocates a large portion of the budget for marketing. Also they still have to pay all of bungies employee salaries, yes that means everyone. Factor on top for that the dedicated servers need to keep the game running 24/7 while supporting millions of people across 4 separate consoles with bungie constantly altering the game's paradigm. Lastly you have to factor in startup times for power outages and maintenance costs, on top of individual player's network errors and connecting all of these people in PvP games and PvE. It might have an estimated cost that Activision wasn't willing to put money towards