Nope, this is not a joke. Sony is doing a Nintendo and bringing their E3 directly to the people, by way of showing it at select theaters. You can watch the presentation for free, but you will need to reserve now.
The event will be on Monday June 9th at 8:30pm ET / 5:30pm PT (show starts at 9:00pm ET / 6:00pm PT), in 40 to 50 theaters across the US and Canada. You can check if a nearby theater has it and reserve here, and watch the official trailer below.