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Sony don't need to buy Insomniac; the relationship there is already tight.
Sony don't need to buy Media Molecule; they have a 3 game exclusivity contract.

It's been rumoured Sony will buy Level-5 if WKC is a success. Japanese sales look good so far (first day 130k, first week 212k). Possible. Maybe merge them into SCE Japan?

As for their current studios, I don't see any problems.
I don't think SCE Korea are particularly helpful atm. Hopefully they have a project.
I also hope that SOE are working hard on The Agency.
I'd like to know what BigBig are working on atm.

If I were to prune anything, I would just cut NBA from San Diego's portfolio, as others have suggested.
Also, maybe give Evolution a new direction? They've said they'll churn out lots of Pacific Rift DLC, and if they do that then I don't feel they need to bring out a 3rd Motorstorm. I wouldn't suggest going back to rally sims; not high profile enough. Maybe give them Eight Days and let them use their relationship with BigBig to harness the lessons learned from the Pursuit Force series!