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I would love a Tyranny 2 but here is the shake:

Obsidian would need to be the developer and they are currently owned by Microsoft.

Paradox would need to give up or sell whatever rights to the 'franchise' of Tyranny.

Microsoft would need to greenlight the production of Tyranny 2, which is hard to expect given they have Avowed and probably other projects taking up time.

Stil though, the first step would be Paradox giving up whatever stake they have. And they should because its pointless to hold onto it at this point.