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To keep it away from the competition. It is quite common.Why buy up studios and Ip rights of games if you never intend to make games?
Best example is English football. The top English clubs have a very bad reputation of buying up talent to avoid the competition get their hands on talented young players. They rot in the youth teams and reserves until 22-24 when their contracts expire but by then they should be near the start of their prime but because they have been stunted in their development, they are at best now second tier stars instead of top tier. And hence won't be helpful to any top team aka the competition. Only positive is that they got paid 30k a week for long periods...
In the gaming industry it happens as well.. Command and Conquer comes to mind. Master of Orion is another classic locked away and so and so on.
Rumors had that GM bought the rights to a water based engine in the 60s...
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