Are Sony buying SquareEnix or what
The overall feeling is that they make a lot of sense, they cover many niches that PlayStation are weak or want to grow in and the customers on PlayStation alone can support their biggest games for the most part.
FFXIV would be a a huge addition to GAAS and would look great beside Destiny 2 and GT7 in that lineup.
They have loads going on in mobile, which PlayStation want in on.
The characters, IP's, music etc all have great potential in other media...
But Sony is weird...they are unpredictable and if Square are safe from anyone else acquiring them, then I doubt Sony would waste that cash...as they could use it to secure something that is under threat that may be more strategically useful.
The main issues with guessing are that we have no idea who is "on the market", who is willing to sell if they are offered enough, who other companies may be pursuing for acquisition and how much cash / funds Sony wants to commit.
If they were going all-in for instance, I wouldn't go for TakeTwo... I would be saying WB / Discovery for the transmedia potential, highly talented game studios and overall building a Sony media empire to rival Disney. TakeTwo is 22 billion Market cap and WB / Discovery is about 25 billion.
If they wanted medium sized publishers / developers... Capcom, Square and CDPR are my top picks.
If they just wanted IP's.... they can buy some from Embracer (TR / Legacy of Kain) and Konami (MGS, Castlevania etc)
Smaller studios.... IOI, Arc System, Level 5, Larian (big enough), Remedy...
Its just such an open ended question.
Disney might even be down to sell Star Wars.... they are struggling.