No. Kadokawa confirmed on November 20, 2024, that it had received an initial letter of intent to acquire its shares, but said no decision had been made. On December 19, Sony and Kadokawa announced a strategic alliance and a planned minority investment—not a full buyout. That distinction matters for FromSoftware, the Elden Ring developer, because it is part of Kadokawa’s group.
What Kadokawa said about Sony’s interest
In a notice dated November 20, 2024, Kadokawa acknowledged press reports about a possible Sony acquisition. The company confirmed that it had received an initial letter of intent to acquire Kadokawa shares, while stressing that it had not decided whether to proceed. The notice said Kadokawa would disclose material facts in a timely and appropriate manner.
Kadokawa’s translated notice stated: “The Company has received an initial letter of intent to acquire the Company’s shares, but no decision has been made at this time.” The company identified Takeshi Natsuno as Representative and Chief Executive Officer. The notice is a translation; it says the Japanese original prevails if there is a discrepancy. Read Kadokawa’s November 20 notice.
What Sony and Kadokawa announced next
On December 19, 2024, the companies announced a strategic capital and business alliance alongside an agreed share acquisition. Kadokawa was to issue 12,054,100 new shares to Sony for approximately ¥50 billion. Sony said the transaction, together with shares it had previously acquired, would give it approximately 10% of Kadokawa and make it Kadokawa’s largest shareholder. These were terms announced by the companies for the share acquisition, not a valuation of a full buyout.
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Sony’s investor-relations notice said its proposal to acquire shares began in October 2024. At the time of the December announcement, Sony said it did not plan to acquire additional Kadokawa shares after the agreed transaction. The announcement describes an alliance and minority stake, not Sony’s acquisition of the entire Kadokawa group. Read Sony and Kadokawa’s December 19 announcement.
| Stage | Status and ownership | Business arrangement |
|---|---|---|
| November 20, 2024 | Kadokawa confirmed receipt of an initial letter of intent to acquire its shares; it said no decision had been made. No resulting ownership percentage was stated. | No agreement was announced in Kadokawa’s notice. |
| December 19, 2024 | The companies announced a planned issue of 12,054,100 new shares to Sony for approximately ¥50 billion. Sony said its stake after the acquisition, including previously acquired shares, would be approximately 10%. | A strategic capital and business alliance; Sony said it did not plan further purchases after the agreed acquisition at that time. |
Why the story mattered to gamers
Kadokawa is the parent company of FromSoftware, the studio behind Elden Ring. That connection made the reported interest in Kadokawa relevant to players: a change in Kadokawa’s ownership could have consequences for a major game developer. But the December announcement did not say Sony had bought all of Kadokawa, nor did it announce a transfer of FromSoftware or Elden Ring to Sony. Contemporary reporting connected the November news to FromSoftware and its games; it does not establish that the proposed acquisition changed Elden Ring’s ownership or availability. Read contemporary coverage of the gaming connection.
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What the announcements establish—and what they do not
The two announcements answer different questions. Kadokawa’s November notice confirmed Sony’s initial acquisition interest while making clear that no decision had been made then. The companies’ December notice recorded a later agreement for an alliance and a minority share acquisition. They should not be collapsed into a story that Sony completed a full buyout.
The cited company disclosures establish those 2024 steps. They do not establish Kadokawa’s full ownership history after the December announcement through October 8, 2026, so they are not enough to verify Sony’s current stake or whether any later transaction occurred.
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