Consolidation rarely works out for the better. I wasn't fond of the idea of EA, Activision, Ubisoft, and Infogrames/Atari buying up all the game studios just as I'm uncomfortable with the idea of Sony and Microsoft acquiring publishers and their studios. Sony's acquisition is probably bad in the long run.
The only acquisition that I'm ok with is Microsoft's ABK acquisition. Why? Because ABK management is so hilariously bad that they turned nearly every company asset into a support tool for Call of Duty. All eggs in the same basket. Microsoft has the ability to dig into ABK's rich and neglected IP portfolio. Bungie and Bethesda didn't seem to have as big of management failures compared to ABK, and appeared to be leveraging much more of their IP.