A group of private equity firms in recent months considered a potential buyout of Microsoft’s Xbox gaming unit that could have valued it between $100 billion and $150 billion, according to people familiar with the discussions.

The short-lived discussions by the private firms were exploratory and didn’t turn into a negotiation with Microsoft, the people said. But they show the company could find buyers if its turnaround of the struggling gaming division falters. The identities of the PE firms couldn’t be confirmed.