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Simply not going to happen. The will always be some interest to keep a version of WHFB afloat in its community, but that doesn’t mean that there is a commercially viable product here. In the meantime we have seen 3 plus 1 more new system coming into the market so as far as massed fantastical battles are concerned there is more choice and competition to be had in that segment.
Licensing out WHFB as a table top game would not be in GW’s interest. The revenue from such a niche product would be minimal while it would be sending out very mixed messages as to what GW is about and doing. Licensing out games or miniatures is one thing, but not games with miniatures like this. It would also be difficult not too see it as taking sales away from AoS – even if just a very small fraction. GW has already diversified its games and arguably runs the risk of over saturating its costumers anyway.
The trend is also to small scale games as companies are churning out more and more and the attention span of customers decreases. Even leaving aside the cost of starting a new system there just wouldn’t be enough interest by enough new customers to justify this. This is the one thing that prevents me from getting into Conquest. It looks great at all levels, but I don’t have the time or energy to take this on and never will.