Kadokawa Corporation, which owns 70% of game developer FromSoftware, is facing a shareholder challenge from activist investor Oasis Management ahead of its June 24, 2026 annual meeting [1]. Oasis, holding 13.76% of Kadokawa shares, is pushing for changes in the company's leadership and strategy [1, 2].
Oasis called on Kadokawa shareholders to vote against reappointing CEO Takeshi Natsuno, accusing the company of failing to fully capitalize on the success of FromSoftware's games. Oasis specifically criticized Kadokawa for ceding revenue to external partners like Bandai Namco rather than maximizing returns internally [1, 2]. Kadokawa formally opposed the proposal to dismiss Natsuno in early June, stating its support for the current CEO at the upcoming meeting [2].
The dispute comes amid additional scrutiny as Japan's Fair Trade Commission found Kadokawa in violation of the Freelancers Protection Act due to payment issues with freelancers [1]. This regulatory finding adds to pressure on Kadokawa's management.
Despite tensions, FromSoftware's President Hidetaka Miyazaki reassured fans and stakeholders that the studio retains creative freedom, stating the company can still “freely make the kind of games we want to make without excessive interference" [2].
Oasis Management is known for advocating unconventional approaches in the gaming sector. In 2014, it suggested radical monetization strategies such as charging players $0.99 just to make Mario jump higher in Nintendo games [1, 2]. This background signals Oasis's desire to reshape Kadokawa's business model.
Kadokawa’s shareholder meeting on June 24 will vote on the reappointment of CEO Natsuno and related proposals. The outcome could influence the strategic direction of both Kadokawa and FromSoftware in the competitive gaming market [2].
