I worked for a studio that Sony acquired. The transition went well. Sony seems to be a Value Add for the studios it runs. They provide Money, HR, Basic systems, like any big company. They also provide market analysis, insight, and collaboration with the other studios. There's no chance 2 Sony studios are going to put out the same game at the same time, they have a "portfolio". So there won't be a Prototype/Infamous situation. The folks I interacted with from Sony were all great and very much on our team. One of our producers (who manage multiple games) showed up and ran the localization team when the specialist quit for 2 months.

I think sony will play the right level of support for Bungie.

I also got a shot of what it looked like to develop a game. There are long windows where you have a lot of folks on staff with not much revenue. And developing a new IP means you have a lot more staff that has no revenue. This is hard for single IP studios, and thus the layoffs on a cycle. For 2 IP studios this can be harder as you want to go as big on the 2nd IP as you do the first, so you may have even more.

Being a part of a massive publisher helps out a ton. There are other games coming out and creating income, this levels out the 3-5 year development cycle between IP. It also takes the stress off of the founders a bit. You're not forcasting out runway for 4 years of minimal revenue and hoping you don't have to take on cash at the end and give up ownership.