Bungie owns the intellectual rights...
Wonder what the nomenclature of the contract with Activision is like to give Activision copyright power...
Maybe the IP is being leased and bungie only controls rights to derivative works in the same universe.
Edit: its your source material... Your designs reference assets Activision controls ( its in game)
Bungie should have rights above and beyond Activision, especially if they treat what is in game as a derivative from the internal IP development.
English
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In the game world, the devs need funding for their game, so they go to a publisher, Activision, EA, Nintendo, etc. and sell them the intellectual property in exchange for funds to make the game. OR the publisher owns the IP and contracts the developers to make it.