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Sony steps up quest for content with 'Peter Rabbit' purchase

Silvergate Media acquisition brings entertainment M&A to over $3.5bn

Silvergate Media developed the "Peter Rabbit" TV series. (Photo courtesy of Sony)

TOKYO/PALO ALTO, U.S. -- Sony is accelerating its transformation from a consumer electronics maker into a media enterprise with its latest acquisition of the company behind the animated "Peter Rabbit" series.

Sony announced this week that it bought Silvergate Media Group for about $195 million. The company has now spent more than 400 billion yen ($3.66 billion) in less than two years to acquire movie, TV and music companies in search of new avenues for growth.

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