Talent in western game studios just can't shake the startup mode. Try get a hit, try to get bought, cash out, run away.
Blizzard seemed to defy the stereotype but it died a long time ago, it's just a husk.
The contrast with japanese game studios is impressive.
Blizzard is owned by MSFT now, so it did get bought out (back in 2022). So it fits the 'startup mode' model that I _think_ you're trying to say?
There's other studios that similar to Blizzard didn't get bought out early and published multiple hit games, like Insomniac Games.
*US game studios. Continental Europe has been continuing to put out masterpieces. (Many countries: Poland, Croatia, Czechia, France, etc)