It’s not happening for Game Pass right now. If Microsoft hoovered up Nintendo and all the other companies, leaving Game Pass with little competition, they’d flip in an instant. Then you’d have not only Nintendo games for an overpriced subscription, you’d have Nintendo and everything else Microsoft bought for an overpriced subscription, where Microsoft can do whatever they want because only they have the rights to those games.
I’m not arguing Nintendo’s subscription services doesn’t suck ass, I’m arguing that Microsoft would do the same thing if they got their mits on Nintendo’s catalog, except potentially worse because they have more ‘exclusive content’ to lock-away in their garden and they can force their BS into Windows.
I’m assuming that “big pile of cash” is their emergency fund - Spencer implies as much when he says that it serves as an impediment to buying them out.