Not a license.
A joint company has been created between Sony Music and Pocketpair no different to Pokemon Company.
Might be outside gaming now but this is how it all starts.
Sony has got its tentacles in Palworld now.
You say it is not a licensing company but says it is like Pokemon Company that is exactly that... a licensing company.
Pokemon Company is a company created to brand management, production, publishing, marketing, and licensing of the Pokémon franchise.
For example...
Some anime studio wants to create an anime based in Palworld... they need to talk with Palworld Entertainment to get the license of the IP to do it.
Some toy company wants to create toys based in Palworld... they need to talk with Palworld Entertainment to get the lecense of the IP to do it.
While Gamefreak is one of the owner of The Pokémon Company they work the same way.
Gamefreak need the license of the IP to do Pokémon games.
Of course as being one of the owner they have priority but not all games are licensed to Gamefreak... we have Pokémon Go that is licensed to Niantic.
So The Pokémon Company can license the IP to 3rd-parties.
With the deal today Pocketpair has the license IP of Palworld to make their games... that doesn't mean the game will come to PS5 unless Pocketpair decides.
That doesn't mean that Palworld Entertainment can't license the IP to others game developers (like happened with Pokémon Go).
Palworld Entertainment is all about the manage of the IP Palworld.
They do nothing more than that.
The fact that Sony Music and Aniplex are the others owners and not Sony GN&S means they are focused in something anime related... so the best guess we can do is that Palworld Entertainment is licensing the IP to Aniplex work in an Anime.
The game license for consoles/PC at least is with Pocketpair... so they decide if there will a PS5 version or not.