Elden Ring owner faces tense CEO clash as a battle between Kadokawa and activist shareholders rages on

Kadokawa Corporation, parent company of FromSoftware, is facing significant pressure from Hong Kong-based activist investor Oasis Management over its handling of Elden Ring’s commercial success. Oasis Management has built up a 13.76% stake in Kadokawa—making it the company’s largest shareholder—and is pushing for the resignation of CEO Takeshi Natsuno, arguing the company has failed to adequately capitalize on Elden Ring’s extraordinary popularity.

Elden Ring stands as one of the most successful games in recent years with millions of copies sold across multiple platforms, spawning spinoff titles and a confirmed film adaptation. However, Oasis contends that despite this remarkable achievement, Kadokawa has experienced “profit leakage”—meaning the game’s commercial dominance has not translated into proportional profits for the parent company.

The conflict came to a head at Kadokawa’s annual shareholder meeting in June 2026, where Natsuno ultimately survived the vote, though the meeting proved contentious. Oasis Management has signaled intentions to further increase its stake to 15.25% or beyond, cementing its influence over the company’s strategic direction. The dispute highlights growing tension between traditional management and activist investors seeking to maximize returns, underlining broader questions about whether game publishers effectively capture value from their most successful properties.

Elden Ring owner faces tense CEO clash as a battle between Kadokawa and activist shareholders rages on

Sources