As explained to me by someone who's successful studio was bought and closed by Microsoft:
The Microsoft managers have a certain promotion cadence, and if you're not launching your next product within that window, the cost of your studio is basically just an anchor around their neck, no matter how much money you'll make in the long run. The initial acquisition team likely needs you to make your money back for their reputation of course, but the more promotion cycles that have passed since your acquisition, the easier it is for someone to decide that their career is going to go better if they get you off of their balance sheet.
