The new landscape at Kadokawa: FromSoftware faces changes from the 'big players'.

As of the end of March 2026, Kadokawa Corporation maintained its position as the parent company and the largest controlling shareholder of FromSoftware , holding approximately 70% of the shares. The other two strategic shareholders were Sixjoy Hong Kong (part of Tencent), holding 16.25%, and Sony Interactive Entertainment, owning 14.09%. However, the top management structure at the parent company Kadokawa is undergoing significant changes, with Sony no longer being the single largest shareholder.

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According to the latest report dated March 26, 2026, Oasis Management increased its stake in Kadokawa to 11.85%, officially surpassing Sony's 10.09% to become the largest shareholder in the corporation.

The rise of Oasis Management—a well-known investment fund with an "activist investor" style—is raising concerns about FromSoftware's future. This fund has a history of pressuring executives to maximize shareholder returns, leading the gaming community to worry that FromSoftware might be forced to change its game development philosophy, such as incorporating microtransaction monetization models into projects like Elden Ring or traditional Soulslike games . Meanwhile, Sony is also aggressively pursuing negotiations to acquire Kadokawa to strengthen its PlayStation ecosystem and anime business, but the emergence of Oasis could make this deal significantly more complex and expensive.

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Despite being in the midst of a power struggle among investors, FromSoftware maintains impressive performance with promising new projects. According to the latest financial report, the studio is preparing for the release of a multiplayer action game called " The Duskbloods " (expected to launch in 2026) and has just unveiled "Elden Ring: Tarnished Edition" on the Nintendo Switch 2 platform.

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With Elden Ring having surpassed 47 million copies sold, FromSoftware is now Kadokawa's most important "cash cow," and a strategic asset that both Sony and international investment funds are eager to acquire in their plans to expand their global influence.