As stated by other people here, Microsoft owns Rare now. But to be honest, I'm kinda glad that they're actually making a new game that pleases the Xbox fans.
It's too bad they don't go the Minecraft route with this game, I played the closed beta and it was one of the most fun games I've played in a long time.
I actually want to see things go the other way with Nintendo games on Microsoft hardware, just imagine Nintendo with the most powerful console & what could be achieved