Sony Pictures Entertainment, Inc. (SPE) is the television and film production/distribution unit of Japanese multinational technology and media conglomerate Sony. Its group sales in 2008 has been reported to be of $7.2 billion.
On September 28, 1989, Sony acquired the American film and television production company Columbia Pictures Entertainment, Inc. (Columbia Pictures, TriStar Pictures, etc.) from The Coca-Cola Company for US$3.4 billion. The company was renamed Sony Pictures Entertainment in 1991. The next day, Sony also acquired the Guber-Peters Entertainment Company for $200 million (included Barris Industries, Inc.).
Sony has since created numerous other film production and distribution units, such as creating Sony Pictures Classics for art-house fare, by forming Columbia TriStar Pictures (also known as the Columbia TriStar Motion Picture Group) by merging Columbia Pictures and TriStar Pictures in 1998, revitalizing Columbia's former television division Screen Gems, and expanded its growth on April 8, 2005, when a consortium led by Sony and its equity partners acquired the legendary Hollywood studio Metro-Goldwyn-Mayer in a deal worth nearly US$5 billion. On June 4, 2008, SPE's wholly-owned group 2JS Productions B.V. acquired Dutch production company 2waytraffic N.V., famous for Who Wants to Be a Millionaire? and You Are What You Eat for £114.3 million ($223.2 million in US dollars).
Mario Gabelli, a veteran investor, said Paramount Pictures could merge with Sony Pictures Entertainment, Universal Studios or another movie studio, depending on the consolidation in the industry.