Hong-Kong based investment firm Oasis Management Company recently disclosed that it has bolstered its ownership in Japanese media conglomerate Kadokawa, which serves as the parent company for FromSoftware, the creators of Elden Ring. Records filed with the Ministry of Finance on June 23 indicate that Oasis acquired an additional 2,215,200 shares, raising its stake from 13.76% to 15.25%. According to Game Biz, the investment group has been sporadically buying Kadokawa stock since May 18, including a bulk purchase of one million shares via an off-market deal on June 16.
Oasis Management Company operates as an activist investor, a strategy focused on acquiring substantial equity positions to influence corporate governance and boost shareholder value—not to be mistaken for political activism. Among its key objectives at Kadokawa are enhancing the company’s long-term corporate valuation, improving board efficiency, and refining corporate governance structures. The firm also plans to optimize revenue from Kadokawa’s flagship intellectual properties through methods such as AI integration, asset utilization, shareholder structure adjustments, and revisions to the company’s mergers and acquisitions strategy and capital allocation.
Oasis has methodically built its position in Kadokawa since March, escalating its ownership from an initial 8.86% to an interim 11.85% within weeks, and solidifying its status as the largest shareholder with 13.76% ownership by month’s end. Despite its current 15.25% stake, there are no signs of deceleration. The hedge fund is contemplating an additional stake increase of over 5% and may pursue further share acquisitions, both publicly and privately, pending regulatory approvals.
The latest disclosure also confirms Oasis’s intent to propose changes to Kadokawa regarding the appointment or removal of executive directors, modifications to the board composition, and policies concerning business transfers, dividend distributions, and other capital-related decisions.
Since assuming the role of Kadokawa’s top shareholder in March 2025, Oasis has taken decisive actions. In May, it released a comprehensive 130-page document advocating for the dismissal of Kadokawa’s CEO and critiquing the firm’s management practices, specifically citing “profit leakage” linked to FromSoftware’s dependence on third-party publishers. In response, Kadokawa has rebuffed Oasis’s efforts to remove its CEO, labeling many of its arguments as misinformed about the company’s operations.