Cause Microsoft already has a deal with Activision for Xbox exclusives, it called COD. Bungie has nothing to do with this. It is Activision's deal with Sony
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This. Msoft also did not want to pony up the loot Activision was wanting for the exclusives. It was somewhere near CoD exclusive amount and Msoft didn't want to commit to the loot to a new franchise until it saw numbers. I guess they didn't feel 10s of thousands of consoles was worth the asking price