Reuters reported on November 19, 2024, that Sony was in talks to acquire KADOKAWA CORPORATION, the parent of Elden Ring developer FromSoftware. That report described discussions, not a completed acquisition. A month later, Sony and Kadokawa announced a strategic alliance and a minority investment—not a full buyout.
What did Sony and Kadokawa agree to?
On December 19, 2024, Sony and Kadokawa announced a “strategic capital and business alliance.” Sony agreed to acquire 12,054,100 newly issued Kadokawa shares for approximately ¥50 billion. Including shares Sony had previously acquired, the announced allotment was expected to give Sony approximately 10% of Kadokawa and make it the company’s largest shareholder. Sony and Kadokawa’s announcement said Sony did not plan to acquire additional Kadokawa shares after executing that purchase; that statement described Sony’s position at the time.
This was a significant investment, but approximately 10% ownership is not the same as acquiring control of the company or buying it outright. The announcement did not say Sony had completed a full acquisition.
How the reported talks differ from the announced deal
| Development | What was reported or announced | What it established |
|---|---|---|
| Reported acquisition talks, November 19, 2024 | Reuters, citing two people familiar with the matter, reported that Sony was in talks to acquire Kadokawa. Reuters report republished by Investing.com | That discussions were reported at that time; not that a purchase had been agreed or completed. |
| Strategic alliance and share allotment, December 19, 2024 | Sony and Kadokawa announced an investment of approximately ¥50 billion for 12,054,100 new shares, expected to bring Sony’s ownership to approximately 10% including its earlier shares. Official announcement | A minority investment and business alliance, not a full acquisition. |
The distinction matters: a report about negotiations is not a binding transaction announcement, and a minority shareholding does not by itself establish a takeover.
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What does this mean for FromSoftware?
Sony’s reported talks concerned Kadokawa, a diversified entertainment and publishing group—not just FromSoftware. Kadokawa’s 2022 filing described the group’s businesses as spanning publishing, video, games, web services, and education, and identified FromSoftware as a consolidated subsidiary and a driver of its game business. Kadokawa’s 2022 disclosure
In that 2022 disclosure, after a share allotment, FromSoftware ownership was reported as follows:
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| Holder | Reported share of FromSoftware | Period and qualification |
|---|---|---|
| Kadokawa | 69.66% | Post-allotment figures in Kadokawa’s 2022 disclosure. |
| Sixjoy, a Tencent subsidiary | 16.25% | Post-allotment figures in Kadokawa’s 2022 disclosure. |
| Sony Interactive Entertainment | 14.09% | Post-allotment figures in Kadokawa’s 2022 disclosure. |
Those are historical percentages for FromSoftware, not a current ownership table. They also refer to a different company from Sony’s announced 2024 stake: Kadokawa. Sony’s investment in Kadokawa should not be confused with Sony Interactive Entertainment’s separately reported 2022 stake in FromSoftware.
What collaboration did the companies announce?
The alliance announcement set out areas for discussion and intended collaboration across Kadokawa’s intellectual property and Sony’s global entertainment businesses. The companies said they would discuss potential joint investments and creator discovery, media-mix opportunities, live-action film and television adaptations of Kadokawa IP, anime co-productions, global distribution of Kadokawa anime through Sony, and further publishing of Kadokawa games. These were proposed areas of cooperation, not confirmation that each project or distribution arrangement had already been carried out.
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Sony President, COO and CFO Hiroki Totoki said the alliance would make Sony the largest shareholder in Kadokawa, which creates IP across books, games, and anime. Kadokawa CEO Takeshi Natsuno said the partnership could strengthen its IP creation and expand options for distributing that IP globally. The companies’ announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Sony’s current Kadokawa stake known?
The available evidence does not establish Sony’s current percentage ownership of Kadokawa or whether full-acquisition discussions later resumed. A Sony 2026 SEC filing result indicates that Sony acquired additional Kadokawa shares during the fiscal year ended March 31, 2025, but the surfaced information does not provide a resulting current stake or confirm renewed buyout talks. Sony’s 2026 Form 20-F
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Accordingly, the most precise account is that Reuters reported acquisition talks in November 2024, while the publicly announced transaction in December was a strategic alliance and minority investment. Later share purchases are indicated, but the available filing information cited here does not resolve Sony’s present ownership percentage or the status of any possible acquisition discussions.
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