I wonder what this would even look like considering this is a joint venture with Apollo Global.

From what I can gather it looks like Sony will be the majority shareholder if this goes through.

Mabey we could get a live action killzone show!!!!!

They would have to wait until exclusive talks with Skydance is over and the decision on that before a bid could be made. But yeah that's a different move for Sony, I would rather them invest those billions in gaming instead but that's just me.

This would be a big surprise to me if it happens. Heck, I remember back in the Blu-ray vs. HD-DVD format war between Sony and Toshiba, Paramount started off as neutral but then switched to only supporting HD-DVD after they made a deal with Toshiba. Then, a few months after the deal, the first Transformers movie came out and was a huge boost in the sales of the HD-DVD format.

Sony probably isn't to keen on investing billions when the profit margins on gaming are too low for Sony's liking and after they have laid off 10 percent of their staff.

I actually think its more likely that Sony acquires a gaming publisher after this. Especially if the spin off of their financial division isn't factored into this acquisition, since they have enough cash on hand currently, to structure a joint venture where they are a majority shareholder. Although I think there is a lot more implications to the gaming side with the IP and transmedia ventures Paramount has. 

Games like Nickelodeon All Star Brawl 2, Nickelodeon Kart Racers 3, Spongebob The Cosmic Shake, South Park Snow Day, Teenage Mutant Ninja Turtles: Shredders Revenge, or older titles like The Warriors and South Park Stick of Truth, add a lot of variety to Sony's gaming vault, even if they aren't console exclusive to PlayStation, or even under Sony Interactive. I also don't see why Sony wouldn't leverage these IP's for PlayStation Plus. 

That's before considering how Sony Interactive could leverage these IP's and manage them to create higher quality products. 

This would be awful. With the exception of the spiderverse films sony is one of the absolute worst big movie studios

Well they'd have some IP to use in gaming at least

I hope not. The movie market is already way too consolidated after the regulators foolishly allowed the Disney-Fox merger to go through. As it stands now, the big 5 film studios control about 80% of the movie market between them, if the regulators allow another merger of 2 of the remaining 5, 4 movie studios will then control 80% of the movie market between them.