Who's next on Sony's acquisitions radar after the Microsoft-Activision Deal?

With nearly a dozen live-service titles coming through 2026 and an increased spending budget, Bungie's acquisition will be key to the PlayStation's future.

However, what's interesting here is, after Sony "ran out" of money to buy similar-sized studios earlier this year, Sony raised its acquisition budget to $13 billion. This isn't entirely reserved for the gaming division, but this funding could help fuel the PlayStation brand's most substantial merger yet.

Sony is well aware of how much impact a single acquisition can make. Insomniac Games, which Sony paid $229 million for in 2019, has produced the best-selling game on the PS4, Marvel's Spider-Man, revived a classic platformer with Ratchet & Clank: Rift Apart, and is set to release at least three PlayStation 5 exclusive titles over the next two years: Marvel's Spider-Man 2, Marvel's Wolverine, and an unannounced original IP.

After securing Nixxes Software to help the PC port side of its business, PlayStation's next acquisition could either beef up its single-player offerings or help it with its live-service venture. Regardless, the new studio likely will play a role in the decades-long console war.

As for which studio Sony is targeting, there's still plenty of others Sony can scoop up that can move the needle. On top the list are Square Enix and CD Projekt RED. The former, however, isn't likely to join the Sony umbrella anytime soon following its recent partnership with Xbox. The latter is a different story. The Polish studio recently laid off employees and will need support with its ambitious plans to remake The Witcher, develop a new The Witcher trilogy, and make a sequel to Cyberpunk 2077, among others, all within the current decade.

Sony can also technically afford to buy Take-Two Interactive now, but we don't think the owners of Rockstar Games and 2K are in need of cash at all.

In any case, Sony's push towards acquisition and inorganic growth is a natural reaction to Microsoft's successive mergers with ZeniMax Media and Activision Blizzard. Other companies, like Tencent, for example, have joined the trend as well as it becomes the majority shareholder of the Dying Light studio, Techland.

Ultimately, one thing is clear: Sony is prepared to respond assertively to the shifting industry dynamics, signaling that it's not going to be left behind in the ongoing trend of mergers and acquisitions in the industry.

It's an exciting time for the gaming industry, and Sony seems ready to leverage the power of acquisitions.