They sold the rights to Microsoft. Who made 343. Bungie can never make another halo game. Legally anyway.
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They can't make another halo but they can still clone it.. Or use the basic game formulas in any game they want. Think of all the GTA clones out there..
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But are any of them as good as the original? No.
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Well you have GTA then you have Saints Row. Most clones do suck. Some clones do come close to being something interesting though.. Saints Row is so far the most successful clone..
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Legally !!!!!! Only law stops them. No physical barriers.