Kadokawa CEO Takeshi Natsuno has retained his position after a shareholder vote, despite intensifying pressure from activist investor Oasis Management over the company’s handling of the Elden Ring franchise. According to Reuters, Oasis—Kadokawa’s largest shareholder with a 13.76% stake at the time of the vote—has since increased its holding to 15.25% and indicated plans to raise it further.

FromSoftware, the developer behind Elden Ring and a Kadokawa subsidiary, has sold roughly 30 million copies of the game worldwide. Oasis argues that Kadokawa is failing to capture maximum financial value from the franchise because FromSoftware self-publishes only in Japan, relying on Bandai Namco for international distribution. The firm contends that this arrangement leaves a meaningful portion of revenue with third-party publishing partners, creating a persistent loss of value for shareholders.

Sony holds an approximately 10% stake in Kadokawa from a high-profile investment, but that involvement has so far yielded limited visible changes in strategy. Oasis has stressed that it does not seek a sale of FromSoftware; instead, it wants the studio to become the central driver of Kadokawa’s long-term growth, with greater ambition, investment, and strategic focus. The investor believes FromSoftware’s global fan base and proven blockbuster capability warrant a more aggressive approach to self-publishing.

FromSoftware has several projects in the pipeline: the Shadow of the Erdtree expansion (2024), the multiplayer spinoff Elden Ring Nightreign (2025), a Tarnished Edition due in August, and a new action title, The Duskbloods, slated for later this year. Director Hidetaka Miyazaki recently reassured fans that the studio can continue making the games it wants without excessive interference, even as shareholder pressure mounts. The ongoing dispute highlights a broader tension between creative autonomy and corporate governance in the games industry.

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Elden Ring: Nightreign transforms the iconic world into a cooperative survival roguelike where each session reshapes the landscape and intensifies the dangers. Steam reviews praise the game’s dynamic night cycles and synergy-focused hero abilities, making three-player runs exhilarating, though they note solo play can feel inconsistent. The overall feedback leans positive, celebrating how teamwork turns the ever-changing darkness into a rewarding challenge.

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