I honestly hope if Sega ever intends to sell, then I would favour Tencent buying them. Every company is fine instead of Microsoft.
Sadly it would most likely be Microsoft, there are just too many signs. The two also have a history together going back to the late '90s with Dreamcast.
This is why I've made my peace with that future a long time ago. In the chance it does happen, it won't diminish my love for Sega's classic output with their home consoles, or arcade systems of the time. I just know it'd be an inferior Microsoft buying the legacy and history of a superior ex-platform holder, and using that to foreclose on a superior current platform holder who's their direct competitor.
It just comes down to how much of their cultivated audience over the generations the BoD and shareholders at Sega want to alienate by selling out to Microsoft. I don't blame the developers themselves, they have little say in those matters.
If Sega sells I hope it's to a Japanese company, let Capcom buy their gaming assets
Kinda don't see what use Capcom would have with Sega's IP honestly. They have arguably more popular equivalents in most of those genre spaces. PSO? Capcom has Monster Hunter. Virtua Fighter? Capcom has Street Fighter. Deep Fear? Capcom has Resident Evil.
Capcom don't have a strong arcade racing pedigree or 3D platforming pedigree, which is where IP like Daytona/Outrun/Crazy Taxi etc. and Sonic would be strong fits. They also don't have much a presence in modern JRPGs, so stuff like Persona and SMT would be a big gain.
But outside of those? I kinda don't see the point. Tencent would be tolerable, long as they can keep the CCP politics out of the games, tho FWIW they have been distancing from the CCP lately which is good. Otherwise yeah,
preferably anyone but Microsoft.