Reuters reported on November 19, 2024, that Sony was in talks to acquire Kadokawa, the parent company of Elden Ring developer FromSoftware. Those talks were not a completed acquisition: on December 19, Sony and Kadokawa announced a strategic capital and business alliance instead. Sony agreed to buy new shares that would give it approximately 10% of Kadokawa, not ownership of the publisher or control of FromSoftware.
What did Sony and Kadokawa agree to?
The December 19, 2024 agreement was a strategic capital and business alliance. Sony said it would acquire 12,054,100 newly issued Kadokawa shares for approximately ¥50 billion. Including shares it had previously acquired, Sony expected to hold approximately 10% of Kadokawa and become its largest shareholder. The agreement was an investment and collaboration framework, not a full buyout.
Sony’s announcement said it did not plan to acquire additional Kadokawa shares after completing that purchase. That statement described Sony’s plan at the time of the December 2024 announcement; it should not be treated as a confirmation of the company’s current intentions. Sony and Kadokawa’s December 19, 2024 announcement sets out the share purchase and alliance.
What was reported about acquisition talks?
Reuters reported on November 19, 2024, citing two people familiar with the matter, that Sony was in talks to acquire Kadokawa. A report of discussions is not evidence that the parties signed or completed a takeover. The later public announcement described a strategic alliance and minority investment, not an acquisition of Kadokawa. Reuters’ report, republished by Investing.com, is the source for the talks reported that November.
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How does Kadokawa’s ownership relate to FromSoftware?
Kadokawa is FromSoftware’s parent, but the companies are distinct. In a 2022 disclosure, Kadokawa described FromSoftware as a consolidated subsidiary and reported its ownership following a share allotment as follows:
| FromSoftware shareholder | Reported stake after the 2022 allotment |
|---|---|
| Kadokawa | 69.66% |
| Sixjoy, a Tencent subsidiary | 16.25% |
| Sony Interactive Entertainment | 14.09% |
These are FromSoftware ownership figures reported by Kadokawa in 2022—not a current ownership table and not Sony’s stake in Kadokawa. Sony’s approximately 10% figure announced in December 2024 referred to Kadokawa. Kadokawa’s August 31, 2022 disclosure also describes the group’s businesses, including publishing, video, games, web services and education, and identifies FromSoftware as a driver of its game business.
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What did the alliance cover?
The companies said they would discuss collaboration across Kadokawa’s intellectual property, rather than focusing only on FromSoftware. The announcement named possible joint investments and creator discovery, adaptations of Kadokawa IP into live-action film and television, anime co-production and global distribution of Kadokawa anime through Sony, as well as further publishing of Kadokawa games. These were planned areas for discussion and intended collaboration; the announcement did not say every initiative had already begun.
Sony President, COO and CFO Hiroki Totoki said the alliance would make Sony Kadokawa’s largest shareholder and cited the company’s publications, games and anime. Kadokawa CEO Takeshi Natsuno said the partnership was expected to strengthen its IP creation capabilities and support global expansion. Their statements describe the companies’ rationale for the alliance, not a promise that a particular adaptation or game would be produced.
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What is known about Sony’s current stake or renewed talks?
A Sony filing result for the fiscal year ended March 31, 2025 indicates that Sony acquired additional Kadokawa shares during that year. The accessible filing information does not establish Sony’s resulting current percentage or confirm that full-acquisition discussions resumed. The approximately 10% figure belongs to the December 2024 announcement and should not be presented as a verified current stake.
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