Kadokawa CEO Retains Role – Elden Ring Shareholder Tensions

Kadokawa CEO Takeshi Natsuno has retained his position after a shareholder vote, despite intensifying pressure from activist investor Oasis Management over the company’s handling of the Elden Ring franchise. According to Reuters, Oasis—Kadokawa’s largest shareholder with a 13.76% stake at the time of the vote—has since increased its holding to 15.25% and indicated plans to raise it further.

FromSoftware, the developer behind Elden Ring and a Kadokawa subsidiary, has sold roughly 30 million copies of the game worldwide. Oasis argues that Kadokawa is failing to capture maximum financial value from the franchise because FromSoftware self-publishes only in Japan, relying on Bandai Namco for international distribution. The firm contends that this arrangement leaves a meaningful portion of revenue with third-party publishing partners, creating a persistent loss of value for shareholders.

Sony holds an approximately 10% stake in Kadokawa from a high-profile investment, but that involvement has so far yielded limited visible changes in strategy. Oasis has stressed that it does not seek a sale of FromSoftware; instead, it wants the studio to become the central driver of Kadokawa’s long-term growth, with greater ambition, investment, and strategic focus. The investor believes FromSoftware’s global fan base and proven blockbuster capability warrant a more aggressive approach to self-publishing.

Elden Ring: Nightreign

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