Even without COVID, E3 this year seemed like something that might not happen for a few reasons.
Mainly, E3 has kind of outlived its purpose. E3 existed back in the day so that vendors would be able to see new games, new peripherals and the like and market them to stores. It was so that the owners of a Funkoland or Gamestop or Blockbuster could see what they should order for their store to keep up. Nowadays though, E3 has struggled because it has had its growing pains since that model just is kind of outdated. Nintendo, who I usually would say is behind the times, realized a while ago that you do not need a shock and awe strategy at E3 to make a splash. To be honest, the direct strategy was actually a good move in the online environment. The best move E3 can make in my eyes to stay relevant is to make a shift to being more of a convention since the current model is not sustainable. There were talks even before COVID that E3 2019/2020 might be the last E3, and unless they rebrand and evolve it might be.
I will say though that I doubt these meetings happened at a table at e3. It is more likely the negotiations would happen outside of E3, like at a mutual lunch to discuss things. The fact Nintendo did approach activision there is a promising sign though.