invests

Sony Pictures invests $100 million in virtual reality venue Cosm

Sony Pictures will invest $100 million and take a minority stake in virtual reality venue operator Cosm, as the studio continues to build a business in communal experiences.

As part of the investment, Sony Pictures Chief Executive Ravi Ahuja will also join Cosm’s board of directors, the studio said Wednesday. The size of Sony’s minority stake was not disclosed.

The El Segundo-based Cosm currently operates three venues — one at Hollywood Park in Inglewood, and the others in Dallas and Atlanta. The company plans to open additional venues in Detroit and Cleveland.

Cosm bills itself as a “shared reality venue,” and its facilities center around a massive, wraparound screen that is intended to envelop viewers with additional digital effects. The company has largely focused on sports, though it has also shown Cirque du Soleil shows and done several collaborations with Warner Bros., including recent screenings of 2001’s “Harry Potter and the Sorcerer’s Stone” in honor of the film’s 25th anniversary.

“Cosm sits at the intersection of several trends shaping the future of entertainment,” Ahuja said in a statement. “We’ve followed Cosm since before launch and have been impressed with the quality of the experience and the enthusiasm it’s generating with audiences.”

The investment is Sony’s latest venture into experiential entertainment. In 2024, the Culver City-based studio acquired dine-in theater chain Alamo Drafthouse Cinema.

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Luka Doncic invests in purchase of Italian basketball team with eye on NBA Europe

Luka Doncic could be involved in two championship bids this upcoming season.

The Lakers superstar and former Dallas Mavericks general manager Donnie Nelson are leading an investor group that acquired a professional basketball team in Italy, it was announced Friday, with hopes that the franchise could become part of the NBA’s new European venture.

The group plans to move Vanoli Cremona, a team that plays in a northern Italian city about 60 miles southeast of Milan, to Rome, and submitted a bid for the club to join NBA Europe, making Doncic the first player to state his ambition to become part of the NBA’s expansion across the pond.

“I have dreamed about owning a team in Europe for a long time, to finally have this happen is amazing,” Doncic said in a statement. “Vanoli has a great history, and we are ready to take it to the next level in Rome. We have an amazing group of partners, and I really believe we can do something special for basketball in Italy and Europe.”

NBA commissioner Adam Silver said this year that the NBA is working with FIBA, the world governing body for basketball, to begin a stand-alone league in Europe. The league could begin as soon as October 2027 with up to 16 teams hosted in major cities in England, France, Spain, Italy, Germany, Greece and Turkey.

Rome and Milan are the top Italian targets to host NBA Europe teams. Rome, the Italian capital, has not had a Serie A team since 2020, when Virtus Roma ceased operations because of financial difficulties. Vanoli will begin playing in Rome for the 2026-27 season.

“Rome deserves world-class basketball, and we are excited to be bringing it back,” Nelson said in a statement. “Vanoli Cremona has a proud history, and we are committed to honoring that legacy as we build toward an exciting future in Rome. This city has been without top-flight basketball for too long. That changes now. We are bringing the resources, the expertise, and the passion to make this club a source of pride for Rome and for all Italy.”

Nelson, who is the lead investor and managing partner, was the general manager when the Mavericks traded for Doncic on draft night in 2018 and was the architect of Dallas’ 2011 NBA championship team led by German star Dirk Nowitzki. The investor group also includes Valerio Bianchini, a celebrated coach in the Italian league, and Rimantas Kaukėnas, a 17-year pro across European leagues.

The 27-year-old Doncic, who was born in Slovenia and started his professional career with Real Madrid in Spain, is part of a recent wave of international stars taking over the NBA. The last eight most valuable players have been born outside of the United States. Doncic finished fourth in MVP voting this year behind two-time winner Shai Gilgeous-Alexander, who is from Canada, three-time MVP Nikola Jokic, who is from Serbia, and Victor Wembanyama, a 22-year-old Frenchman expected to dominate the league for years.

The NBA played two regular-season games in Europe this season, with the Memphis Grizzlies and Orlando Magic facing off in Berlin and London. Next season, Wembanyama and the San Antonio Spurs will play in his home country against the New Orleans Pelicans and in Manchester, England.

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