People don't realize how hard it is to run multiple studios. It's not easy to just buy your way into this and manage more and more studios without track record and experience in doing it.
The only company that I've really seen have success at scale is Sony and they've really worked with studios for years prior to buying them, which is why they get the organic moniker and we still have to see how successful they will be with the latest round of purchases. Previous acquisitions working out doesn't guarantee success for future M&A.
Spider-Man 2 for example will be Insomniac's first major AAA title since being acquired by Sony. The title has some warning signs and I'm not necessarily seeing what we would have hoped in terms of expanded ambition. This isn't looking like Metal Gear Solid to Metal Gear Solid 2 or for more recent examples Red Dead to Red Dead 2, but I guess you have to look at the timeline there. There was 8 years between the Red Dead games. There has been 5 years in between Spider-Man games, and that's entirely wrapped up within the pandemic.