They already have many 3rd party deals, with AAA like the Final Fantasy games or keeping some Capcom games in VR and/or away from XBO, with AA-ish stuff like fighting games or Silent Hill 2, indies or their Chinese/Korean partnerships with stuff like ZZZ or (2nd party, not 3rd party) Stellar Blade, or doing the China/India Hero Project initiatives. I want them to continue with that. In fact, I think that as Xbox continues losing market share the amount of 3rd party exlcusivities or deals will increase.
Regarding acquisitions, I think that as they plan they have to continue expanding but not now. I think that before they have to properly integrate the studios they acquired in recent years, complete the payments, ensure their projects work well and in general to improve profitability to save money to acquire new studios specially if not waiting (I think they'll wait) until they get the money from selling most of their banks division. I think acquisitions is a complex topic to guess because the other part has to want or need to sell, which normally isn't the case in very successful companies as now are Capcom, FromSoft or MiHoyo.
I think that in some specific cases they may go more for an intermediate approach: with Kadokawa they may increase their investment stake on FromSoft, and they create a joint venture with Square Enix to acquire part of some -the interesting ones, not all- Square Enix studios. That would also help avoid the issues with regulators they could have they could have if going after big publishers since they are market leaders. And well, I don't see Chinese selling their a supersuccessful company like MiHoyo, but I think they could do make a deal with Sony selling them the totality or a portion of the subsidiary they have for selling their games outside China.
Regarding acquisitions or investments, it's important to remember that Sony wants to do them to grow in areas where they already aren't experts with their existing 1st party teams. So I assume their priority would be someone who could help them grow in areas where they want to expand like mobile, PC, GaaS, eSports, movie/tv shows and maybe in some top selling genre where they may depend too much on 3rd parties and there are maybe only a handhul top players and one of them may be in danger of being acquired by some top competitor like MS or Nintendo.