Why does everyone keep saying that Sony doesn't have the cash for this?
1,586,329,000,000 JPY = 14,191,274,000 USD in cash.
A portion of the cost would also just be financed and added to long-term debt. Sony could definitely by TTwo for $14B.
Because they wont sell for what they are worth, but above value?
Likewise its not just about the costs involved in the buying T2. There are still costs for 15 studios around the world, 4000+ employees, continued development and marketing of whatever is currently in development. And they still need their money for their own Sony initiatives.
There's still a lot of other things involved that making a single transaction of this size requires a lot of planning and thought to get right. And considering where Sony was pre PS4, I doubt they are ready to just dump money.
The price in the OP is already at an over 30% premium on what they're worth.
Once purchased, this new asset would fund it's own operations like it always has and more efficiently than before. Many new cost reduction synergies would be realized. Not having to pay a royalty on a PS4 game is one that immediately comes to mind. Also, of course Sony wouldn't spend every single dollar it had in the transaction, a portion of the sale would be financed through debt. This is common. Just last year, AT&T bought TimeWarner for $85B while had around $50B in cash on the balance sheet (a lot of which was added in advance through debt in prep for the purchase). The next reporting period, cash went down to $5B and the excess was added to long-term debt. Rarely are major cash acquisitions on this level completely covered by cash.
Not really talking about any of that. Just on the actual ability of Sony to handle a $14B purchase.