If you read the announcement you would see that part is for cash...

If you read the announcement you would see that part is for cash (58 million shares @ 5.3cents) and 17 million "for a consideration equivalent" which is presumably swapping debt for shares.

I think that having Sony as a major shareholder is a major benefit, and as long as we see some of their management come into Reeltime.

Also from what I can see Sony with over 20% of the shareholding has to put in a takeover bid for reeltime

See http://www.takeovers.gov.au/