An LLC is a joint-owning between a major company and a minor one, opening it up for public ownership. The major company (Microsoft) still has de facto control over the LLC (Bungie).
This is the relationship between ABC (the LLC) and Disney (the major company).
LLC is the legalese obfuscational word for "subsidiary".
Didn't anyone take economics?
In that case, it's a good thing.
Six to one, half dozen the other.