Activist investor Oasis Management has lost its first public attempt to remove Kadokawa CEO Takeshi Natsuno, the executive who sits above Elden Ring maker FromSoftware in the corporate hierarchy. According to Kadokawa's filing and reporting by Reuters, the majority of shareholders voted against Oasis's proposal at the general meeting held on June 24.
Oasis owns 15.25 percent of Kadokawa, making it the single largest shareholder. That bought it a platform, but not the majority it needed.
The short version
- Oasis proposed removing CEO Takeshi Natsuno at the June 24 vote.
- A majority of shareholders backed Natsuno's proposal.
- Oasis owns 15.25 percent of Kadokawa, the largest single stake.
- Natsuno appointed former Mitsubishi Heavy director Koji Okura to the board.
- Oasis criticized Kadokawa's publishing structure and its "quantity over quality" output.
What Oasis was actually arguing
Oasis's case was unusual for a games-industry activist. It didn't argue the games were bad. It argued the structure is leaving money on the table. FromSoftware's hits ship through Bandai Namco, which keeps a slice of publishing revenue that Oasis believes should flow up to Kadokawa. In one presentation, Oasis modeled a scenario where an Elden Ring-scale hit selling tens of millions of units would have generated far more value for Kadokawa if FromSoftware had self-published.
The other angle was sheer output. Oasis called Kadokawa's manga, anime and games slate a "quantity over quality strategy" that has "weakened" the company's IP over the past five years. Kadokawa's earnings per share, Oasis argued, have dropped to less than half what they were when Natsuno took over.
Why it matters for players
Most readers will never buy a Kadokawa share. But the outcome shapes what FromSoftware looks like in five years. The dispute centers on whether the studio keeps doing what it does, or gets pushed toward self-publishing, bigger volumes, and a more aggressive live-service posture to keep shareholders happy.
Under Natsuno, the current FromSoftware-led roadmap has breathing room. If Oasis had won, the pressure to extract more value from FromSoftware could have pushed Kadokawa toward faster release cycles or more direct control over publishing.
Our analysis
This was a warm-up bout, not the main event. Oasis has been compounding its Kadokawa position for over a year: 11.85 percent in March, then 13.76 percent, then 15.25 percent by June 23. The vote went Natsuno's way, but only because the rest of the shareholder base sided with him. The next general meeting is in 2027, and Oasis will be back.
The trade-off is now visible. Natsuno's win preserves the status quo at FromSoftware—no immediate pressure to self-publish or accelerate output. But the publishing argument doesn't disappear when you lose a vote. It gets framed as unfinished business. Expect "global publishing capability" to keep surfacing in Kadokawa earnings calls until something changes.
Who should care
| Group | Why it matters |
|---|---|
| Kadokawa shareholders | Stability for now, but the publishing debate is tabled, not resolved. |
| FromSoftware fans | Current roadmap intact. No changes to Bandai Namco publishing immediately. |
| Gaming industry analysts | A test case for how much use activist investors have over Japanese entertainment conglomerates. |
| Sony | Owns roughly 11 percent of Kadokawa. The second-largest shareholder watched the Oasis fight closely. |
Bottom line
Natsuno won. Oasis is not going anywhere. Watch for proxy pressure at the next general meeting and for FromSoftware publishing to keep coming up in every earnings call until Kadokawa addresses the structural question Oasis raised.
Frequently asked questions
Who is Kadokawa and why does it matter for FromSoftware games?
Kadokawa is FromSoftware's majority shareholder, so corporate decisions at Kadokawa shape the studio's funding and publishing choices.
What was Oasis Management's main complaint?
That Kadokawa leaves revenue with external publishers like Bandai Namco and has prioritized quantity over quality across its IP portfolio.
Did the vote remove Natsuno?
No. A majority of shareholders backed Natsuno's proposal, rejecting Oasis's push to remove him.
Could Oasis try again next year?
Yes. With its stake climbing steadily toward 15.25 percent, the next general meeting in 2027 will likely be tighter.
Does this affect current FromSoftware games in development?
Not immediately. It does affect how aggressively Kadokawa may eventually push FromSoftware toward self-publishing or faster release cycles.