Kadokawa Corporation CEO Takeshi Natsuno kept his job after a shareholder vote on June 24, overcoming a challenge led by activist investor Oasis Management, the company's largest shareholder [1, 2, 3, 4]. Oasis, which holds between 13.76% and 15.25% of Kadokawa shares, criticized the publisher for losing profits from the globally successful Elden Ring franchise [1, 2, 3, 4].
Oasis Management singled out Kadokawa’s partnerships with third-party publisher Bandai Namco, arguing that these deals let a significant share of Elden Ring’s earnings slip away from Kadokawa. "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 for all of Kadokawa’s stakeholders," Oasis said [2, 4].
Since launching in 2022, Elden Ring has sold more than 30 million copies worldwide. Its expansions and spinoffs also contributed notable sales: Shadow of the Erdtree moved 10 million copies in 2024, and the multiplayer spinoff Nightreign sold 5 million in 2025 [1, 2, 4]. Despite these hits, Kadokawa’s return on equity plunged from 9.4% in 2022 to just 0.5% in 2025 [1].
Oasis accused Kadokawa of following a "quantity over quality" approach that diluted its intellectual properties. The investor wants FromSoftware—the developer behind Elden Ring—to be the "central driver" of Kadokawa’s growth with more investment and strategic focus, though they do not seek to force a sale of the studio [2, 3]. Oasis stated, "FromSoftware must be managed with the ambition, investment, and strategic focus that an asset of its quality deserves" to realize its global potential [2].
Sony holds a 10% stake in Kadokawa but has had limited influence on company strategy so far [2]. After the vote, Kadokawa appointed Koji Okura to the board of directors, signaling some board changes in response to shareholder concerns [3].
The annual shareholder meeting vote on June 24 confirmed Natsuno’s leadership amid shareholder divisions but left open questions about how Kadokawa will adjust its strategy around its prized gaming properties [1, 2, 3, 4].
