Activist Investor Pushes Kadokawa to Better Monetize Elden Ring as CEO Survives Shareholder Vote

Kadokawa CEO Takeshi Natsuno has survived a shareholder vote on his future, but pressure is mounting from activist investor Oasis Management, which believes the company has failed to fully capitalize on the massive success of Elden Ring. According to Reuters, the showdown occurred during a shareholder meeting, with Oasis now holding a 13.76% stake—the largest—and planning to increase it further. Automaton reports Oasis has already upped its stake to 15.25%.

Elden Ring, developed by Kadokawa-owned FromSoftware, has sold over 30 million copies, a number expected to rise with the August release of the Tarnished Edition. Since its 2022 launch, the game has seen the Shadow of the Erdtree expansion (2024) and the multiplayer spinoff Elden Ring Nightreign (2025). However, Oasis wants more financial return from the franchise.

A key complaint is that Kadokawa does not publish Elden Ring globally. While FromSoftware self-publishes in Japan, Bandai Namco handles international publishing, reducing profits. Oasis urges Kadokawa to self-publish all its games worldwide.

Meanwhile, Sony's high-profile 10% stake in Kadokawa has yielded little visible impact. Oasis stated, "FromSoftware is Kadokawa’s crown-jewel asset... Yet Kadokawa continues to leave a meaningful share of the economics with third-party publishers, creating a significant loss of value." Oasis insists it is not pushing for a sale of FromSoftware but wants it to be the "central driver" of Kadokawa's long-term growth.

Earlier this month, FromSoftware director Hidetaka Miyazaki reassured fans that the studio can "freely make the kind of games we want without excessive interference." Upcoming releases include Elden Ring Tarnished Edition and new action title The Duskbloods. Fans wonder about a potential Elden Ring 2, though Miyazaki said in December 2024 that the studio isn't considering it—but didn't rule out the possibility. An Elden Ring movie is also in development.