Hidetaka Miyazaki Addresses Kadokawa Shareholder Battle, Teases Unannounced FromSoftware Games

The Investor at the Table: Oasis Management’s Play for Kadokawa

Oasis Management has become Kadokawa’s largest shareholder, acquiring a 13.76% stake and surpassing Sony’s roughly 11.01% holding. The firm is now campaigning to remove Kadokawa CEO Takeshi Natsuno at the upcoming annual general meeting, arguing that FromSoftware suffers significant “profit leakage” by relying on third-party publishers like Bandai Namco for overseas distribution. Oasis claims that over 90% of Elden Ring sales came from overseas, suggesting the studio could generate far more revenue by self-publishing those titles. The hedge fund argues that self-publishing would allow FromSoftware to capture full revenue from its overseas hits, a standard practice among many major studios.

Kadokawa’s board has formally opposed the proposal, dismissing Oasis’s criticism as unfounded. The hedge fund, however, is not backing down. Notably, Oasis has a notorious history in gaming: in 2014, it sent a letter to then-Nintendo President Satoru Iwata suggesting the company charge players “99 cents just to get Mario to jump a little higher” through microtransactions (as detailed in a 2014 Bloomberg report). The proposal was met with widespread backlash and ultimately rejected, but it cemented Oasis’s reputation as an investor willing to upend beloved franchises in pursuit of profit.

Miyazaki’s Response: Creative Freedom and Unannounced Projects

In a rare public statement, FromSoftware president Hidetaka Miyazaki addressed the controversy directly via an email to Japanese outlet Denfaminico Gamer. He confirmed that the studio has both announced and unannounced titles in active development, and expressed satisfaction with the current working environment.

“I am generally satisfied with our current development environment,” Miyazaki wrote. “We are able to freely create the kind of games we want to make without excessive interference.”

He emphasized that maintaining this environment is “of the utmost importance,” and assured fans that the studio will “continue to work harder than ever to create truly valuable games.” He added that players should look forward to both the titles already revealed and those yet to be announced.

However, Miyazaki was careful to note that these remarks are his personal opinions, not the company’s official position. He stated that he is not in a position to know more than the publicly reported facts, a subtle acknowledgment that the corporate dispute remains largely outside his direct purview.

What the Future Holds: The June 24 Vote and Its Stakes

The June 24 AGM vote will determine whether Oasis succeeds in ousting CEO Natsuno, a move that could reshape Kadokawa’s approach to its gaming division. While AGM dates are typically set annually, Kadokawa’s meeting on June 24, 2026 has been formally scheduled to address the shareholder proposal. If Oasis gains influence, they may push for FromSoftware to self-publish its games overseas, a change that could increase profit margins but risks disrupting the studio’s long-standing partnership with Bandai Namco, which has handled global distribution for hits like Dark Souls III, Sekiro: Shadows Die Twice, and Elden Ring.

Miyazaki did not directly address Oasis’s demands, but his reassurance of creative freedom suggests confidence that the studio’s autonomy is protected, at least for now. Sony’s stake and existing strategic alliance with Kadokawa add another layer of complexity: Sony may act as a stabilizing force, or could become a rival influence should Oasis’s proposals gain traction.

The outcome remains uncertain. Oasis has already secured a significant voting bloc, and proxy advisory firms are reportedly weighing in. Kadokawa’s board remains opposed, but the hedge fund’s persistence suggests this battle is far from over.

The Known Roadmap and the Mystery of Unannounced Titles

FromSoftware’s publicly announced projects include The Duskbloods, a new IP exclusive to the Nintendo Switch 2, and Elden Ring: Tarnished Edition, also for the Switch 2. Beyond these, the studio continues to support its existing titles, such as ongoing updates for Elden Ring and Armored Core VI, but no further announcements have been made. Miyazaki’s mention of unannounced titles fuels speculation about potential sequels, additional new IPs, or remasters. The studio’s track record under Kadokawa ownership is stellar, Elden Ring alone has sold over 25 million copies, cementing FromSoftware’s reputation as one of the industry’s most consistently excellent developers.

The question that lingers: will pressure from Oasis force the studio to prioritize safer, more profitable sequels, or will creative freedom endure? Miyazaki’s statement offers hope that the current development philosophy remains intact, but the corporate storm brewing at Kadokawa means nothing is guaranteed.

The Battle Over Profitability and Independence

Miyazaki’s rare public statement serves as both a reassurance and a warning: FromSoftware remains committed to making the games it wants, but the corporate storm brewing at Kadokawa is far from over. The June 24 AGM vote will be a pivotal moment for the studio’s future. For now, fans can look forward to both announced and unannounced titles, but the battle over profitability and independence is just beginning. The investor who once wanted Mario to pay for every jump may soon have a say in how FromSoftware’s next masterpiece reaches the world.