2023 annual revenue
And to acquire Nintendo + SE + Kadokawa + MiHoyo + Capcom (who most likely wouldn't want to sell or could be blocked by regulators) would cost way more than $26B.
SIE/PS already outperforms Nintendo, doesn't need acquisitions to continue outperforming them.
Sony had a budget for investments + acquisitions + stock repurchases to be spent in a 3 years period that ended this March. They assigned almost everything to different things.
As part of this budget, Sony Pictures was going to acquire the Indian giant Zee for $10B but that acquisition failed. So Sony Pictures has $10B in cash to spend, not counting extra money Sony Pictures could also get from the budget of the 3 years period that started in April (we still don't know its size).
This acquisition would be made by Sony+Apollo, meaning Sony wouldn't pay $26B. Maybe Sony only pays $10B or a bit more. Let's say the half, $13B. It's fair to assume that Apollo's plan is to help Sony acquire Paramount, and then wait to see Sony reducing the costs and redundancies highly improving its profitability, and maybe also their revenue thanks to many possible synergies, making Paramount way more valuable than it's now. Once achieved, Apollo would sell their part of Paramount to Sony, for a higher price than the one they'd pay now as part of these $26B.