There are a few things money is at historically low levels,Sony's CFO stated in a financial statement after the Zenimax takeover that they had the means to make large scale acquisitions beyond the cash they had already set aside toward any future purchases, 11 billion US in cash and another 16 billion in liquid assets giving them 27 billion liquidity without needing to touch their lines of credit, he also mentioned that their liquidity was growing at record levels (I read somewhere iirc around 400%) and he also stated the reason he made the statement was to clear the air regarding speculation that Sony didn't have the means to make these size acquisitions and if they did it would come with excessive debt levels or impact their cash flow, he again further emphasised that he was about clearing up those misconceptions and this didn't mean they were making any such acquisitions and also importantly it also didn't mean if they did they would be done just by using up their cash/ liquidity reserves in one hit.
Another aside when it comes to their capacity to obtain credit and it may not have anything to do with this is I recall sony making news for buying out and reincorporated their banking service.
Let's look at Sony's current assets.
- Investments and advances in the Financial Services segment - These are assets needed for the Financial Service sector, and they can be used for acquisitions. Any financial business is about managing liquidity and earnings, so these can't be liquidated.
- Trade and other receivables, and contract assets - These are likely split off between multiple divisions in Sony. They likely wont be able to pledge these for an acquisition, nor would they want to.
- Inventory - Don't think I need to explain this
- Other financial assets - This is probably the only thing that could be considered liquid. Only problem is its only 106 billion yen (2% of current assets) and could be things Sony can liquidate easily.
- Other current assets - These are likely things like Prepaids.
As you mentioned, his comments are to make it seem they can totally make acquisitions if they wanted to. They had to say something to assure investors everything will be OK. And I'm sure, in someway, they can get to that number, but noticed that, in the time since Microsoft bought Zenimax they haven't made any kind of acquisition like that? At most, they've bought one or two smaller developers that have worked closely with Sony. But they haven't made any kind of purchase like Microsoft.
On debt, Sony has a lot of debt already which makes it difficult for them to do big purchases if they wanted to. This wont stop them from making smaller acquisitions, but something like Square would be a different story.
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