In the cutthroat world of corporate gaming, a CEO just dodged a proverbial boss attack. Takeshi Natsuno, the head honcho of Japanese media giant Kadokawa, survived a shareholder vote that could have sent him packing. But the battle is far from over—Hong Kong-based activist investor Oasis Management, which now holds a hefty 15.25% stake (and climbing), is breathing down his neck like a hungry Soulsborne boss. This is a tale of Elden Ring's 30 million copies, missed financial opportunities, and enough corporate drama to fill a dozen gaming forums. Cue the dramatic music. 🎮

The Shareholder Showdown: A Real-Life Boss Fight

Natsuno might have rolled a natural 20 on his charisma check, but Oasis isn't about to respawn and give up. The investor, which believes Kadokawa has failed to fully capitalize on Elden Ring's colossal success, forced a vote on the CEO's future. Natsuno survived—for now. According to Reuters, the showdown took place during a shareholder meeting, and Automaton reported that Oasis immediately upped its stake to 15.25%, with plans to increase it further. Talk about not taking 'no' for an answer. Oasis is like that invader who keeps coming back with better gear.

Elden Ring: The Golden Goose That Keeps Laying Platinum Eggs

Let's talk numbers. Elden Ring, developed by FromSoftware (which Kadokawa owns), has sold a staggering 30 million copies. That figure is set to rise with the release of the Tarnished Edition in August. Since its 2022 launch, we've gotten the Shadow of the Erdtree expansion in 2024 and the multiplayer spinoff Elden Ring Nightreign in 2025. But Oasis wants more financial return from the franchise. Their beef? Kadokawa doesn't publish the game globally. FromSoftware self-publishes in Japan, but Bandai Namco handles international publishing, which means a chunk of the profit goes to the partner. Oasis wants Kadokawa to self-publish everywhere. In their words, 'FromSoftware is Kadokawa's crown-jewel asset... Yet Kadokawa continues to leave a meaningful share of the economics from these titles with third-party publishing partners, creating a significant and ongoing loss of value.' Ouch. That's a critical hit.

Aspect	Current Setup	Oasis's Dream
Japan Publishing	FromSoftware self-publishes	Kadokawa self-publishes globally
International Publishing	Bandai Namco	Kadokawa self-publishes globally
Profit Share	Reduced by third-party cut	Maximized for Kadokawa

Sony's 10% Stake: The Participation Trophy of Investments

Meanwhile, Sony's high-profile investment in Kadokawa amounted to just a 10% stake, and little has come of it. It's like buying a fancy gym membership and never going. Sure, Sony gets a seat at the table, but Oasis is the one doing the heavy lifting—or at least the loud complaining. The lack of synergy has left fans and investors scratching their heads. Maybe Sony is waiting for a New Game+ before making a move?

FromSoftware: The Crown Jewel in the Dragon's Hoard

Oasis insists it isn't trying to force a sale of FromSoftware—there have been rumors for years about various companies trying to buy the studio. Instead, Oasis believes FromSoftware should be the 'central driver' of Kadokawa's long-term growth. 'Our point is that FromSoftware must be managed with the ambition, investment, and strategic focus that an asset of its quality deserves,' Oasis said. 'Its employees, creators, and fans deserve ownership and leadership that are fully committed to helping the studio realize its extraordinary global potential.' That's a lot of corporate speak, but the message is clear: stop leaving money on the table.

Earlier this month, FromSoftware's celebrated director Hidetaka Miyazaki addressed the shareholder pressure. Reassuring fans, he insisted the studio can still 'freely make the kind of games we want to make without excessive interference.' Phew. The last thing anyone wants is a boardroom full of suits telling Miyazaki how to design a poison swamp.

What's Next? Tarnished Edition, Duskbloods, and Maybe Elden Ring 2 (or a Movie)

FromSoftware has Elden Ring Tarnished Edition and the new action title The Duskbloods to look forward to later this year (that's 2026, folks). But fans are already wondering what's next. Could Elden Ring 2 be on the cards? In December 2024, Miyazaki said the developer was not considering making Elden Ring 2, but he wouldn't shut down the possibility in the future. If not a sequel, there's an Elden Ring movie in the works. Because why not? Hollywood loves a good fantasy epic, and Elden Ring has lore deeper than a bottomless pit.

The Bottom Line: Money Talks, and It's Yelling

So where does this leave Kadokawa? Natsuno is still CEO, but Oasis is clearly not going to sit quietly. The investor's growing stake means the pressure will only intensify. Kadokawa needs to decide whether to keep sharing the Elden Ring pie with Bandai Namco or take a bigger slice for itself. FromSoftware, meanwhile, just wants to keep making weird, wonderful games without too much interference. As the corporate saga continues, one thing is certain: Elden Ring's success has turned Kadokawa into a battleground. And in this game of thrones, everyone wants the runes. 💰