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The boss of Japanese company Kadokawa has survived a shareholder vote on his future amid increasing pressure from an activist investor who believes the company has failed to capitalize on Elden Ring’s enormous success.
Reuters reported on the result of a showdown between Kadokawa CEO Takeshi Natsuno and Hong Kong-based Oasis Management, which is now the company’s largest shareholder with a 13.76% stake, during a meeting of shareholders. While Natsuno has survived for now, Automaton reported that Oasis has just upped its stake to 15.25%, with plans to increase it further.
Elden Ring is from legendary video game developer FromSoftware, which is owned by Kadokawa. It has sold an astonishing 30 million copies — a figure that is sure to rise with the release of Tarnished Edition in August. Elden Ring launched in 2022, and since then has released expansion Shadow of the Erdtree (2024) and multiplayer spinoff, Elden Ring Nightreign (2025), but Oasis wants more financial return from the franchise.
Part of Oasis’ complaint about Kadokawa and indeed Elden Ring is that it does not publish the game itself globally. While FromSoftware self-publishes Elden Ring in Japan, Bandai Namco publishes the game internationally, reducing profit. Oasis
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