Sony Pictures Entertainment has made a $100 million strategic investment in the global technology, media and entertainment company Cosm.
As lead investor in a Series C financing round, SPE has acquired a minority ownership stake and its chairman/CEO Ravi Ahuja will join the company’s board of directors.
SPE said the investment will advance its focus on experiential entertainment, fandom and technology, allowing it to explore new ways to extend its IP through differentiated, tech-forward experiences and deepen audience engagement with the stories and worlds they love.
“Cosm sits at the intersection of several trends shaping the future of entertainment. We’ve followed Cosm since before launch and have been impressed with the quality of the experience and the enthusiasm it’s generating with audiences,” Ahuja said in a Wednesday statement. “We’re excited to support Cosm’s next phase of growth and help bring these experiences to more fans around the world.”
Cosm offers immersive experiences through its Shared Reality technology for every type of fan — from sports and entertainment to immersive art and education.
To date, the company has opened three venues in Inglewood at Hollywood Park, North Dallas at Grandscape and, most recently, downtown Atlanta at Centennial Yards. It will expand with a fourth venue in downtown Detroit this September and a fifth in downtown Cleveland early next year, with more domestic and international locations to be announced soon.
“Sony Pictures shares our passion for innovation and the future of the fan experience, and this investment represents that. We will use this capital to fuel Cosm’s growth as we expand our venue network and advance our technology initiatives across both sports and entertainment,” Cosm president/CEO Jeb Terry added. “Together, we’re positioned to bring more of the world’s most iconic IP to life in Shared Reality as we continue to super-serve our fans around the world.”
Goldman Sachs & Co. LLC and Allen & Company LLC served as Cosm’s financial advisors.
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