They spent $2 billion on Minecraft alone. That's 40 IOs.
Hell, $50 million could be worth it just for the Hitman IP, which was successful enough to spawn 2 big budget movies. Only a handful of videogame IPs can say that.
The point is, it's a better investment than another Ryse or GTAIV DLC. Titanfall probably cost even more, and they didn't get to keep the studio OR the IP.
Investment needs to be going into talent and studios, not just brands and IP.
Minecraft is the biggest game on the planet and makes more money than every other game they've released this generation combined. Hitman 2016, as great as it was, underperformed and led to IO's parent company cutting them loose. There's a reason nobody picked them, clearly nobody in the industry saw them and Hitman as worth it.
Anyhow, investing in talent and studios is obviously ideal but it's significantly easier said than done.