Activist investor now has 11% of FromSoftware parent shares, may shake up Kadokawa's business through pressure

Oasis Management is now the largest singular shareholder in FromSoftware parent Kadokawa, and the group could pressure the company into making changes to its operations.

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Sony is no longer the largest shareholder in Kadokawa Corp, and its 10% stake has been surpassed by an investment firm known for its aggressive tactics in obtaining shareholder returns. It's been revealed by video games industry analyst Dr. Serkan Toto that activist investor Oasis Management now has accumulated 11.85% stake in Kadokawa, more than any investor or group.

"Activist investor Oasis' ownership in Kadokawa reached 11.85% today - higher than Sony or anybody else. They could still add more shares. Expect Oasis to make their 'proposals to management' public soon,"Dr. Toto said on Twitter.

So why does this matter?

Kadokawa owns FromSoftware, one of the most famed video game developers on the planet. With such a high stake in the company, Oasis represents a large pool of investors and typically means that it will have greater sway over Kadokawa's decision-making.

The investment firm is known for presenting aggressive briefs to companies on behalf of investors that pressure the organizations into delivering higher results--in one example, Oasis famously recommended that Nintendo push into the mobile market, which the company did, to actually impressive results. As of late 2025, Nintendo has generated nearly $2.2 billion in revenue from its mobile games, with Fire Emblem Heroes being the principal driver.

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It's unclear what kinds of inefficiencies or perceived issues that Oasis will tackle in Kadokawa's business, but it's important to remember that the company handles a lot more than just video games, being a major Japanese media conglomerate that creates novels and manga.

It's believed that Oasis could pressure FromSoftware through Kadokawa, but the aims are unknown, and FromSoft has already enjoyed exceptionally high sales; The Elden Ring franchise, which kicked off in 2022, has already sold over 47 million copies worldwide.