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I posted this in the PlayStation thread but I'll repost it here too:

Even without its western division, Square Enix would be an incredible get for Sony, bolstering their Japanese development arm with JRPG's/MMO's, improving content pipelines and PS+ BC, a few mobile development teams, as well as securing content for Crunchyroll via Gangan Comics.

Sony would get the Final Fantasy IP which includes the incredibly popular FFXIV + other spinoffs, DragonQuest which includes spinoffs like DQ Builders/DQ Heroes/DQ MMO and a popular anime series, Kingdom Hearts which strengthens their partnership with Disney, Nier as well as its upcoming anime adaptation, and other IP's like Star Ocean & Chrono Trigger, as well as some of the Western IP that Square Enix retained such as Life is Strange, Just Cause and Outriders.

Square Enix is one of the few Japanese publishers that would benefit a variety of Sony growth vectors with their various businesses. Most of Square Enix's flops have been from their western division (critically and commercially), as well as some of their partnerships like Babylon's Fall or Balan's Wonderland, but the former has been sold off and Sony would probably stop with the latter.