Sony Pictures Entertainment is making a significant strategic investment into Cosm, the immersive theatrical company that builds domed venues that let attendees watch live events and theatrical content in a new format.

Sony is pouring $100 million into the business for a minority stake, with SPE chairman and CEO Ravi Ahuja joining its board of directors. Sony joins Fox, Kroenke Sports and Entertainment, Marc Lasry and Bolt Ventures as investors in the company.

Cosm has put a heavy emphasis on live sports, with the FIFA World Cup, NBA Finals and UFC Freedom 250 among recent events, using custom cameras to bring unique angles to visitors that when combined with the dome of the venue make it feel like they are sitting courtside, right next to the field or in other locations.

However the company has also pushed into entertainment to fill hours where there are no live events happening, with immersive versions of The Matrix, Willy Wonka and the Chocolate Factory and Harry Potter and the Sorcerer’s Stone among its offerings. The Sony partnership suggests that some of its films or IP (Sony is also a major player in gaming and anime) could find its way to Cosm’s venues.

Sony of course is in the theatrical business already, having acquired the Alamo Drafthouse chain in 2024. Alamo and Cosm are not typical theater chains, with Alamo leaning on food and beverage offerings as well as archival screenings, and Cosm’s focus on merging tech and entertainment.

“Cosm sits at the intersection of several trends shaping the future of entertainment. We’ve followed Cosm since before launch and have been impressed with the quality of the experience and the enthusiasm it’s generating with audiences,” said Ahuja in a statement. “We’re 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 Cosm President and CEO Jeb Terry. “We will use this capital to fuel Cosm’s growth as we expand our venue network and advance our technology initiatives across both Sports and Entertainment. Sony is one of the most storied technology and entertainment companies in the world with IP spanning across films, TV, music and games. Together, we’re positioned to bring more of the world’s most iconic IP to life in Shared Reality as we continue to super serve our fans around the world.” 

Goldman Sachs & Co. LLC and Allen & Company LLC served as Cosm’s financial advisors.  

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