This is the exact model that LucasArts had. If you listen to stories from the original LucasArts crew, like David B. Fox, they tell stories that they were not allowed to make Star Wars games (originally to their disappointment) because George Lucas knew there was always somebody else willing to pay him gobs of money for the permission to make a Star Wars game. They take all the risk, and he makes money.

So this model is proven. Despite the hypothetical risk to not owning the IP, there was always somebody willing to pay and take the gamble.