Sony Pictures Entertainment is making a major strategic investment in Cosm, the immersive theater company building domed venues that allow attendees to watch live events and theatrical content in a new format.
Sony is pumping $100 million into the business for a minority stake, with SPE Chairman and CEO Ravi Ahuja joining its board. Sony joins Fox, Kroenke Sports and Entertainment, Marc Lasry, and Bolt Ventures as investors in the company.
Cosm has focused heavily on live sports, with recent events including the FIFA World Cup, NBA Finals and UFC Freedom 250, using custom cameras to bring visitors unique angles that when combined with the venue’s dome make them feel like they’re sitting on the field, right next to the court or in other locations.
However, the company has also pushed into entertainment to fill the hours where there are no live events, with immersive versions of Matrix, Willy Wonka and the Chocolate Factory and Harry Potter and the Sorcerer’s Stone Among its offers. The Sony partnership suggests that some of its films or IP (Sony is also a major player in games and anime) could find its way into Cosm venues.
Sony, of course, is already in the theatrical business, having acquired the Alamo Drafthouse chain in 2024. Alamo and Cosm are not typical theater chains, with Alamo relying on food and beverage offerings as well as archival offerings, and Cosm’s focus on integrating technology and entertainment.
“Cosm is at the intersection of many trends shaping the future of entertainment. We have followed Cosm since before launch and have been impressed by the quality of the experience and the enthusiasm it generates in audiences,” Ahuja said in a statement. “We are excited to support Cosm’s next phase of growth and help bring these experiences to more fans around the world.”
“Sony Pictures shares our passion for innovation and the future of the fan experience, and this investment represents that,” added Jeb Terry, President and CEO of Cosm. “We will use this capital to support Cosm’s growth as we expand our network of venues and advance our technology initiatives across both sports and entertainment. Sony is one of the world’s most iconic technology and entertainment companies with intellectual property rights spanning across film, television, music and gaming. Together, we are positioned to bring more of the world’s most iconic intellectual property rights to life in shared reality as we continue to provide superior service to our fans around the world.”
Goldman Sachs & Co. LLC and Allen & Company LLC served as financial advisors to Cosm.
