Yeah, this purchase would be dumb as shyt. $4 billion is the type of money you pay to get studios with IP. They'd just be buying the studios.
So, knowing how ridiculous AT&T is being about all this, they're going to turn around and then try to hit Microsoft hard for licensing the IP for shyt the studios are known for. Imagine buying Netherrealm, then having to drop more money for them to be able to work on Mortal Kombat
All that aside, all those studios flat out aren't worth $4 billion.
you get MK with the deal, but that's the only IP you get.
The licenses are more valuable long term to AT&T. They trying to double dip. Sell the studios and then get people to pay them to use the license characters.