While quite a few media mergers are happening in the entertainment industry right now, Sony is not for sale. This, according to the company’s CEO, Yoshida Kenichiro. His comments come just days after it was announced that Amazon is set to purchase MGM in a blockbuster deal valued at nearly $8.5 billion. Despite the big money being thrown around, Sony is going to remain an independent entity within the industry.
In a recent interview, Yoshida Kenichiro made it crystal clear that Sony does not have a for sale sign up. There has been some speculation that Sony could be a target for another major media company to acquire looking to bolster its streaming offerings. But that is in no danger of happening. At least not any time soon. Kenichiro had this to say about it.
“There is drastic realignment in the media industry, but I think our strategy of creating content as an independent studio while working with various partners will work.”
What makes Sony unique right now is the fact that they are not making a major streaming play. Disney+, Apple TV+, HBO Max, Peacock, Paramount+, Discovery+ and, yes, Netflix, are all doubling down on what the industry refers to as direct-to-consumer offerings. Sony, meanwhile, has opted to cut deals with other partners instead. They recently made big splashy deals with both Netflix and Disney that will see new movies arriving on their respective streaming services at different points after the movies finish their runs in theaters. Yoshida Kenichiro also addressed that, saying the following.
“I think the reason we were able to sign good deals with Netflix and Disney is because they were attracted to our PlayStation Productions pipeline. We can strengthen our ability to create content through such group-wide collaboration.”
Indeed, Sony has been working hard to craft movies from its library of PlayStation video games. With PlayStation Productions, long-awaited movies such as Uncharted, and a TV series based on The Last of Us, have come together. Sony has more to offer than just Spider-Man, as it turns out. In recent notes released by the company, it was also confirmed that they are looking to bolster its direct-to-consumer audience without launching a major streaming service.
“Sony plans to strengthen its initiatives in the service, mobile and social spaces to further expand these communities, and seeks to expand the number of people around the world directly connected to the Sony Group due to their desire to consume entertainment from the current number of approximately 160 million to 1 billion people.”
Sony may not be for sale but don’t expect the media mergers to stop. Disney purchased Fox several years ago. AT&T is spinning off WarnerMedia in a massive merger with Discovery. Amazon’s recent acquisition of MGM. Apple has yet to make a big move and studios like Lionsgate are seen as possible targets. Be that as it may, Sony is content to wait on the sidelines and continue doing its thing. This news comes to us via the Financial Times.