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Microsoft buys Playground Games, inks letters of intent for 3 other game studios

Microsoft Corp. acquired Playground Games and signed letters of intent to buy three other game studios: Ninja Theory, Undead Labs and Compulsion Games.

Financial terms of the deal were not disclosed. Based in the U.K., Playground Games is a development partner since 2010 that has worked on the "Forza" franchise.

Also, the company said June 10 that it is setting up a new studio in Santa Monica, Calif., called The Initiative, as part of the company's efforts to bolster original content. The new teams will join Microsoft Studios.