- ManBearPiglets
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Like boom said. They didn't sell it, or give it away. It was never theirs. Microsoft owned it, and Bungie was under contract to create the games. 343 was created by Microsoft (and is a part of the subsidiary Games division of M$), to take over from Bungie once they were no longer in control.
Bungie split from Microsoft in 2007, finished the games they were obligated to make in their contract, and once that was done all ties to M$ were gone. This means they can now create their own IP (intellectual property), although there isn't much info on it other than hints (as per usual with Bungie).