Square Enix wont happen, I think people need to let these kind of fantasies go. Sony will just do time limited exclusives, it works for them.
I think Sony will be eyeing the following, depending on how their games perform in terms of sales and critics:
Maybe Remedy and ArcSys down the line, but not as likely.
All of these are an utter waste of money. They won't move the needle at all and that should be the aim of exclusives....not to simply have another game to sell.
It takes time and energy to manage all these studios and those studios for the most part would just be adding unneeded fat.
ArcSys makes sense due to anime and fighting games synergies and the possibilities stemming from their engine and knowledge of their niche.
They need to either buy Square or something like MiHoYo...... both have massive presence on mobile, which is where the massive audience Don Mat..... I mean Jim Ryan is looking for.
While both of them would add to the main console platform simultaneously and cripple competing platforms.....
Once they get enough games on mobile, they could have exclusive items through PS+, pushing massive numbers to subscribe and exploding the potential of the brand..... also pushing mobile users to buy a console as they would already have a sub to PS+ for the mobile games.
Remedy or buying Oculus wouldn't really expand things much either, so I'm not a fan of those moves too.
This is really my issue with Jim... he has no strategy like this articulated or seemingly conceived.... because from all the evidence it is really uncoordinated, with streaming and then offering PC ports which cannibalize PSNow subs on PC and undermine the sales of consoles in the longterm.
There really needs to be some reflection on how they are running things over there.
I know that PS have a load of analysts working in various divisions but there seems to be less than zero strategic coordination, nobody joining the dots and the entrepreneurship and dynamism of early PS is not really evident at all.