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KADOKAWA confirmed on November 20, 2024, that it had received an initial letter of intent from Sony to acquire KADOKAWA shares. The company said no decision had been made. The announced outcome was not a takeover: in December, Sony agreed to buy newly issued KADOKAWA shares for approximately ¥50 billion, giving it an expected stake of about 10% and making it KADOKAWA’s largest shareholder.
What did KADOKAWA confirm about Sony’s offer?
KADOKAWA’s November 20, 2024 statement said: “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 statement was reproduced by Push Square. That confirmed Sony’s interest in acquiring KADOKAWA shares, not an agreement to sell or a completed acquisition.
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ELDEN RING: Tarnished Edition - Nintendo Switch 2 | $79.00 | Buy on Amazon |
| 2 |
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Elden Ring (PS5) (European Version) | $34.00 | Buy on Amazon |
| 3 |
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Bandai Namco Entertainment Elden Ring (PS4) | $46.97 | Buy on Amazon |
| 4 |
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ELDEN RING Tarnished Edition | Digital | Nintendo Switch 2 Digital Code | $79.99 | Buy on Amazon |
KADOKAWA is FromSoftware’s parent company. The distinction matters: the letter of intent concerned KADOKAWA shares, rather than a direct purchase of FromSoftware.
What happened after the letter of intent?
On December 19, 2024, Sony and KADOKAWA announced a strategic capital and business alliance. Under the announced transaction, Sony would acquire 12,054,100 newly issued KADOKAWA shares for approximately ¥50 billion. The companies said that, including shares Sony had acquired in February 2021, Sony would become KADOKAWA’s largest shareholder with approximately 10% ownership. Sony’s announcement with KADOKAWA describes the transaction and alliance.
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Sony’s filing said that after its initial October 2024 proposal and subsequent discussions with KADOKAWA, it did not plan to acquire additional KADOKAWA shares after completing the agreed acquisition. That was Sony’s stated plan at the time, not a guarantee about every future decision. Sony’s December 2024 filing sets out that position.
Did Sony buy FromSoftware?
No direct purchase of FromSoftware was announced in these transactions. KADOKAWA’s 2022 ownership notice identifies FromSoftware as a consolidated subsidiary and reports the following ownership after a share issuance:
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- Collaborating with George R.R. Martin to create the ELDEN RING mythos has been a genuinely delightful experience and a source of wonderful inspiration. The team is working hard to ensure that the world of ELDEN RING will be a fascinating place for players to explore, filled with peril and wonder from its furthest reaches to its lowest depths. This is a FromSoftware title through and through, rich in fantasy and RPG action. We sincerely hope you look forward to it.
- Building the world of ELDEN RING with Miyazaki-san and his team was a treat! The graphics, mythos, and action-RPG gameplay will deliver an unforgettable experience. I can’t wait for people to see what ELDEN RING has in store for them.” Said George R.R. Martin.
| FromSoftware shareholder | Ownership reported by KADOKAWA in 2022 |
|---|---|
| KADOKAWA | 69.66% |
| Sixjoy, a Tencent subsidiary | 16.25% |
| Sony Interactive Entertainment | 14.09% |
These figures are a historical snapshot from KADOKAWA’s 2022 notice, not a verified current ownership breakdown. Sony’s investment in KADOKAWA is separate from Sony Interactive Entertainment’s direct minority stake in FromSoftware reported there. The notice identifies Elden Ring as a FromSoftware work, but does not make the game or studio the subject of Sony’s KADOKAWA share transaction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the Sony–KADOKAWA alliance cover?
The companies described areas for strengthened collaboration and future discussion, rather than announcing that particular projects had already been completed. Those areas included:
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- A New Fantasy World – Journey through the Lands Between, a new fantasy world created by Hidetaka Miyazaki, creator of the influential Dark Souls video game series, and George R. R. Martin, author of The New York Times best-selling fantasy series, A Song of Ice and Fire. Unravel the mysteries of the Elden Ring’s power. Encounter adversaries with profound backgrounds, characters with their own unique motivations for helping or hindering your progress, and fearsome creatures
- World Exploration in the Lands Between – Elden Ring features vast fantastical landscapes and shadowy, complex dungeons that are connected seamlessly. Traverse the breathtaking world on foot or on horseback, alone or online with other players, and fully immerse yourself in the grassy plains, suffocating swamps, spiraling mountains, foreboding castles and other sites of grandeur on a scale never seen before in a FromSoftware title
- Genre-Defining Gameplay – Create your character in FromSoftware’s refined action-RPG and define your playstyle by experimenting with a wide variety of weapons, magical abilities, and skills found throughout the world. Charge into battle, pick off enemies one-by-one using stealth, or even call upon allies for aid. Many options are at your disposal as you decide how to approach exploration and combat
- Adapting KADOKAWA intellectual property into live-action films and television dramas.
- Anime co-production and broader global distribution of KADOKAWA anime through Sony.
- Expanded publishing of KADOKAWA games.
- Developing a workforce for virtual production.
KADOKAWA CEO Takeshi Natsuno said the company was “very pleased to conclude this capital and business alliance agreement with Sony.” Sony Group President, COO and CFO Hiroki Totoki described KADOKAWA as a creator of a wide range of intellectual property, including books, games and anime. Their statements accompanied the alliance announcement.
Quick Recap
Rank #4
- ELDEN RING Tarnished Edition
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