Really it isn't that simple, if so, any company would be all over redoing so. First issue is legalities, it isn't that "Microsoft owns it", Microsoft could have worked a limited release license for the life of the XBOX (which is another reason hardware needs to be replaced every few years) with Nintendo or Bandi or whomever at the moment held the licenses, to port to the Xbox, the 'images, sounds (voice actors get paid too), music (the musical score gets its part), the programmers, game engine originators, etc. etc. etc." all were properly accredited with the creation and content in the game THEN what portion they all should 'earn' based on previous and on going contracts and licenses.
Once you get past that year or more of legal wrangling ALL the participants whom EACH had to sign off a particular contract to allow the game to 'proceed to development' then we are talking programming language and engine used. This is the complex part, just look at Duke Nukem and how many engine changes it went through AND THAT WAS ALWAYS A PC GAME. So technically it might not even be feasible unless a full rewrite was done to the code, now your talking a whole new programming direction. Further, the licensing for generating the images may be locked (just look into JPEG2000 licening! OMG!!!) or unportable to the new platform, well then you need artists whom can 'capture the likeness and imagery' which is another whole new slew of work (Just look up DuckTails new game production video to see the challenges they went through AND THAT is totally owned and made by DISNEY!).
Then of course whomever has made the license might not really (as in the case of Microsoft, Origin, and others) want to use STEAM as the selling vessel. Microsoft dumped the PC gaming to all third parties, so many games are still tied into the shut down Windows LIVE! system for activation and licensing content authorization for example. Further is EA/Origin was to be 'required' in this mix you can forget about the response by the customers (just look at what is happening with BF4!).
All this of course needs to be laid out in a full business plan, including costs, unexpected issues (what if your team all quits and starts its own company - happened before!), funding requirements, profit / loss ratios, production costs vs profit expectations, outlet distribution models, cost for advertising (TV, Radio, Print) etc. and so on ALLLL need to be laid out in a full plan to GET approval for FUNDING this whole thing, and that doesn't even take care of any of I mentioned.
The actual 'business' of business gets in the way for artists and 'evangelist' of concepts. If your serious, then team up with a business partner with actual MBA and develop the business proposal, do you research (look at the game and write down EVERY name, position, job, etc. in the credits in BOTH editions, because that is EVERY single person you need to contact and get to 'agree') then see if you can convince a bank to fund your business. Good old Gamers (www.GoG.com) does this all the time for example.