Besides FromSoft as perhaps the exception to the rule as a subsidary to Kadokawa, private companies seem to be keeping their shit together fairly consistently. Larian and Wube are a pair of solid examples, although Valve is probably the most outstanding example.

Game developers and publishers start shitting the bed when they IPO and need to juggle the conflicting interests of managing investor relations as well as customer demands; that or when they're acquired and turned into a subsidiary.

I gotta have my poison bogs

I've never understood the saying "the exception that proves the rule" until now. Possibly one of the greatest runs in game company history?

Really? Most of the people I know that are huge Souls fans weren't big on Armored Core. Then I've never heard anyone mention 2018's Déraciné and if you go a couple more years back their track record becomes fairly poor.

It's Larian for me