Sony - Mergers and acquisitions of Sony: 1988 — CBS Records Group from CBS. It was renamed 'Sony Music Entertainment'. 1989 — Columbia Pictures Entertainment from Coca Cola for US$3.4 billion. It was subsequently renamed 'Sony Pictures Entertainment' in 1991. 1993 — Acquired Psygnosis Limited a computer games company based in Liverpool, UK. Psygnosis director Ian Hetherington was made Managing Director of Sony Computer Entertainment Europe.[11] 2001 — Sony Ericsson a 50:50 joint venture of Sony Corporation and Ericsson AB, was established in October. 2002 — Aiwa Corporation in October.