The contract (which you can look up) states that Activision owns distribution rights, which includes content to a certain degree. However, Bungie retains intellectual property of Destiny (this was not the case with Halo, seeing that Microsoft owns it). To me, this looks like Bungie tried hard to keep their games this time around, which is best in the long run, even for the price they had to pay. Most funders/distributors won't fund/distribute without the rights to the entire franchise, but it looks like Bungie got Activision to agree to it. This is good because it means we won't end up seeing a second 343i, and therefore, an additional split of our beloved Bungie. PlayStation may have exclusive content, and I'm alright with that, but Xbox still has the better community and, frankly, the better players. That's our exclusive content.