This isn’t a case of Sony just “swallowing” a little business. As the article states Bungie board of directors is 2 people from Sony and 3 people from Bungie, which means that while Sony technically owns Bungie the Bungie leadership still makes decisions about how to run the company. Supposedly there’s an obligation on Bungie’s part to meet certain financial goals. If Bungie meets those goals Sony can’t take over the company.
The problem is that Bungie isn’t doing well financially. The Sony takeover is an outcome of Bungie not being able to stay financially independent. That means if Bungie wasn’t under Sony then under the same conditions Bungie would most likely go bankrupt instead.
Bungie as we know it being dead has nothing to do with Sony. Bungie management has essentially killed Bungie.