I think people give some of the big Japanese companies an easy time of it because they just don't pay as much attention to who buys and closes what. Remember that time a decade ago when Konami brought Hudson and near-immediately stopped developing games in nearly all of their series? Remember when Infogrames (French company) renamed itself Atari and then immediately shit the bed and had to close or sell nearly everything? That killed way more studios than Embracer has and yet is totally forgotten outside of their stylized armadillo logo. Square-Enix not only spent a full decade fucking with Eidos' output, they also have gradually whittled away more than half of their project teams from the SNES-PS2 glory days. But you just don't recognize that because they didn't name their "studios" and outsourced a lot of the actual dev work to third parties so you nobody in the west would hear if Tose or Game Studio had to lay people off because less work was coming in. Tons of Sega and Capcom teams no longer exist, etc, etc.
That said if you really wanted me to do an all-time list it would probably be EA at the top, followed by Activision, then Nintendo (with the major caveat that for every truly awful thing that they did to gave devs, they also did a truly awesome thing somewhere else,) then Facebook, then Square-Enix.
