Sony Pictures Entertainment announced a $100 million strategic investment in immersive technology company Cosm on June 24, acquiring a minority ownership stake as the lead investor in Cosm's Series C financing round, the studio said.
The deal is intended to help Sony Pictures broaden how it leverages film and television intellectual property by exploring immersive, venue-based experiences that connect fandom with technology. As part of the transaction, Sony Pictures CEO Ravi Ahuja will take a seat on Cosm's board of directors.
Cosm operates dome-shaped venues that use what the company calls its Shared Reality technology. The system projects live sports, concerts and other events onto expansive, wraparound curved LED screens inside the domes. Cosm's chief executive officer, Jeb Terry, said the new capital will be used to expand the company's venue network and to advance technology initiatives across both sports and entertainment.
To date, Cosm has opened three domes located in Los Angeles, Dallas and Atlanta. The company has a venue scheduled to open in Detroit in September and another planned for Cleveland next year. Cosm said additional U.S. and international locations will be announced soon.
The investment follows a funding milestone announced by Cosm in July 2024, when the company raised $250 million in a financing round that yielded a valuation of more than $1 billion.
Summary of the transaction and operational status:
- Sony Pictures is the lead investor in Cosm's Series C round with a $100 million strategic investment, acquiring a minority stake.
- Ravi Ahuja, CEO of Sony Pictures, will join Cosm's board of directors.
- Cosm has three operational domes and announced planned openings in Detroit in September and Cleveland next year, with further locations to be disclosed.
- Cosm previously raised $250 million in July 2024 and was valued at over $1 billion in that round.
The financing advances Sony Pictures' stated focus on experiential entertainment and technology-driven extensions of its content library, while providing Cosm with capital earmarked for growth of its venue footprint and development of its immersive display technologies.