If they are hiring anti-monopoly lawyers / experts, that means it is a move that in some minds would breach the balance in the industry... which is only a few moves.
They also hired an acquisitions guy recently who oversaw a merger for approximately 20-25 billion, so I imagine this acquisition they are looking at is in that kinda valuation.... 15-30 billion. (Sony just expanded their budget for acquisition and capital investments to 30 billion last FYE)
I could see Steam, Epic or CDPR / GOG
I would still like to see Square but from all the moves being made, that seems too small in scope. (Unless they do it as part of an overall jigsaw piece.
Overall I think Epic makes the most sense....with Sony basically gifting them developers of Fallout guys, Rocket League and contracts for games with many past PC studios.
Along with Unreal Engine being more and more important to Sony and Fortnite making so much money for them....then add in the recently PC ambitions.
Steam IMO is too messy for Sony...has too little control over their users etc.
Epic Store had 194 million users in 2021....... which are the types of numbers they would want at Sony to show growth....
A console install base of 120-140 million each generation along with 200 million PC users, making it 320-340 million users and then a longterm aim to grow to half a billion long term (10 year plan)