Looks like a tv channel logo to me.
I do like the thinner typeface much better (especially with the white background used on the website), but I would have left the butterfly the way it was. Nothing wrong with a little equity, plus the illustration was better, in my opinion.
The redesign was done by a London Company known as Digit. Check them out at digitlondon.com
Its all very hush hush but I got that info from a reliable source.
This logo uses a typeface very similar to their -successful- bing, although not the exact same .
Hopefully this is Microsoft’s attempt to unify the image of their brands and not just another change to be current.
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Looks much better! it really needed change…