Update #2 []: PSN appears to be slowly coming back online in its full capacity for PS5, PS4 players. The PlayStation Service Status page has been updated and returned to its standard messaging that "all services are up and running". PSN was down and badly affected for around two hours.
Update #1 []:
Sony is now aware of the issues bringing PSN down and offline. Its PlayStation Service Status page has now updated to read: "Some services are experiencing issues." It says "gaming and social" features are impacted.

Original Story: It's a bit ironic that the weekend after it's reliably reported Sony will drop its PlayStation Network branding, the service experiences an outage. Reports are now flooding in worldwide that PSN is down and offline this Saturday, with issues surrounding PS5, PS4 consoles telling users they're offline.
On the DownDetector website, there's been a spike in reports over the past hour, with more than 5,500 users reporting connectivity issues for PSN:
