PlayStation Network is finally going to meet its end on Feb 7th, when it would be merged with Sony Entertainment Network. Sony 
announced that it is looking to streamline its services and hence the merger. However, you do not need to worry as the changes are merely cosmetic. Sony plans to retain current account information and it would also keep related services intact. Sony believes that the change would help the company in "enhancing its unique digital entertainment offering."
Sony, in its announcement, stated, "On Sony Computer Entertainment's PlayStation 3 and PlayStation Vita systems, this rebranding will occur in connection with software updates for these devices." However, it is not applying these changes to PlayStation Portable accounts for the time being.
Sony PlayStation is facing stiff competition from rivals including Microsoft's Xbox. It seems like Sony is following Xbox's lead towards unifying its offerings as an entertainment system. However, Sony needs to do much more than mere rebranding if it is looking to compete with Nintendo and Microsoft. 2011 proved to be a tough year for Sony, as its PlayStation Network was repeatedly hacked and remained inoperational for a considerably long period of time.