Oasis Management Company, known for its activist investment strategies, has recently acquired an 8.86% stake in Kadokawa, the Japanese media conglomerate that owns FromSoftware, the studio behind Elden Ring. This significant shareholding could grant Oasis some influence over Kadokawa’s future direction.

Kadokawa's diverse portfolio spans publishing, anime, movies, and video games. It includes notable subsidiaries like FromSoftware and Spike Chunsoft, plus a major presence in manga publishing. Popular anime titles under Kadokawa’s umbrella include Oshi no Ko, Re:Zero, and Delicious in Dungeon.

In late 2024, rumors circulated about a potential acquisition of Kadokawa by Sony. Instead, Sony took a strategic approach, securing a 10% stake and forming a partnership aimed at leveraging their combined intellectual properties globally. Oasis’s stake, just shy of Sony’s, positions it as a considerable player among Kadokawa’s top shareholders.

Oasis has not yet publicly outlined its plans for influencing Kadokawa, but its history provides some clues. Back in 2014, Oasis famously advised Nintendo to pivot toward free-to-play mobile games, suggesting consumers would pay small fees “just to get Mario to jump a little higher.” Although Nintendo continued to focus on consoles with the Switch and its successor, it also entered mobile gaming with titles like Pokémon Go and Super Mario Run.

Meanwhile, FromSoftware is actively developing new projects, including Duskbloods, an exclusive title for the Nintendo Switch 2, and ongoing updates for Elden Ring’s multiplayer expansion, Nightreign. Interestingly, a proposed Bloodborne remake by Bluepoint Studios was reportedly rejected by FromSoftware itself, not Sony.

As Oasis deepens its involvement with Kadokawa, the industry will be watching closely to see if this activist investor will push for changes or new strategic directions within the media giant.

Verity Townsend, a Japan-based freelance writer and former editor at Automaton West, covers gaming and Japanese culture.

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