While it is not clear exactly how this will work, the Vault subsidiary would be a good way to house Microsoft’s new acquisitions under one quasi-independent banner, which includes the studios of ZeniMax (which includes Bethesda, Arkane, MachineGames and more) a level of freedom while still owned by Microsoft. The text explicitly states that Microsoft will gain “exclusive control over the entire ZeniMax” regardless, but the document indicates that they will do so via the Vault subsidiary. We will surely learn more once the agreement of the European Union is clear.
This is a different approach to Microsoft’s previous acquisitions, such as Obsidian, Ninja Theory and Double Fine, which were formally made part of Microsoft and housed under the Xbox Game Studios brand. Whether or not ZeniMax’s studios are known as part of Vault, the move to create a Microsoft subsidiary to complete the merger indicates a degree of independence compared to other acquired companies.
This is consistent with previous reporting on Bethesda’s semi-independence under Microsoft. Phil Spencer told CNET in September that “it’s not going to be us”, referring to the agreement. “We support global marketing Bethesda SVP Global Pete Hines and said in a statement that ‘we are still working on the same games as yesterday, made by the same studios we have been working with for years, and the games will be published by us,'” about the same time.
We have not yet heard how the acquisition will work with respect to the exclusivity of future Bethesda games. However, Bethesda honcho Todd Howard recently said it’s hard to imagine ‘a game like Elder Scrolls 6 being Xbox exclusive. Arkane’s Deathloop kicks off later this year as a PS5 exclusive, with Microsoft honoring the deal after Arkane was acquired as part of the ZeniMax acquisition.
Jordan Oloman is a freelance writer for IGN. Follow him on Twitter.