Yesterday’s announcement that Sony is investing $100 million into Cosm — the El Segundo-based operator of a handful of Sphere-like venues — suggests that the Tokyo-headquartered conglomerate now holds about a 10% ownership stake in Cosm based on a $1 billion valuation in 2024.

A source close to Sony says that Cosm’s popularity with sports fans was one of its biggest draws, and that Sony Pictures Entertainment chairman Ravi Ahuja in particular has been enthralled with the company for more than a year. (Ahuja gets a board seat as part of the deal). The source added that beyond movies, the studio sees opportunities to partner with its music, anime and interactive (PlayStation) businesses.

Cosm isn’t Sony’s first theatrical deal. Two years ago, it bought Alamo Drafthouse, the popular theater chain for cinephiles that pioneered the current wave of full-menu options that are now commonplace.

Cosm — best known for live sports presentations that cost around $100 a pop for events like the current World Cup — opened its first venue next to SoFi Stadium in 2024. A second building opened in Dallas later that year, and it launched an Atlanta location two weeks ago. Several more are in the works.

Cosm has more recently been pushing into Hollywood by creating “shared reality” versions of hit films like “The Matrix” and “Harry Potter.”

So could Sony now explore a deal for IMAX? A source said it’s too soon to say, and that no conversations have taken place.