FromSoftware director Hidetaka Miyazaki has confirmed that the studio retains its creative autonomy despite ongoing shareholder pressure at its parent company, Kadokawa. Following reports that activist investor Oasis Management Company now holds a 13.76% stake in the conglomerate—surpassing Sony’s 11.01%—Miyazaki stated that the developer remains free from “excessive interference” regarding its game design and production processes.
How Shareholder Activism Impacts FromSoftware
The tension stems from Oasis Management’s stated position that Kadokawa fails to maximize the financial potential of FromSoftware’s portfolio, which includes Elden Ring and the Armored Core series. According to the activist firm’s “A Better Kadokawa” website, the conglomerate has ceded too much economic value to external partners. This has prompted investor demands for management changes, including the proposed removal of Kadokawa CEO Takeshi Natsuno, a move the company’s board formally opposed on June 3.
Oasis Management is known for its aggressive approach to corporate governance. In 2014, the firm notably suggested that Nintendo pivot toward mobile gaming, famously proposing a model where users would pay $0.99 to make Mario jump higher.
Does Creative Autonomy Remain at FromSoftware?
Miyazaki addressed concerns regarding the studio’s output in an email to Denfaminico Gamer. While acknowledging that he is aware of the media reports surrounding the investor activity, he emphasized that the current creative environment is stable. “I’m not saying that there’s no room for improvement, but we can freely make the kind of games we want to make without excessive interference,” Miyazaki said. He noted that his primary focus remains on maintaining this environment to ensure the quality of upcoming, unannounced projects.
Comparing Shareholder Stakes in Kadokawa
The current ownership structure highlights a shift in influence within the Japanese multimedia giant. As of the latest Annual General Meeting (AGM) disclosures, the distribution of major stakes is as follows:
| Shareholder | Stake Percentage |
|---|---|
| Oasis Management Company | 13.76% |
| Sony | 11.01% |
What Lies Ahead for FromSoftware Titles?
Despite the corporate uncertainty, the studio’s release pipeline remains active. Elden Ring has reached 30 million copies sold globally, and the studio is preparing to release the new action title The Duskbloods later this year. While fans have speculated about a potential Elden Ring 2, Miyazaki clarified in December 2024 that a direct sequel is not currently in development, though he did not rule out the possibility for the distant future.
Frequently Asked Questions
Is FromSoftware being forced to change its game design?
No. Hidetaka Miyazaki has stated that the studio is not currently facing excessive interference and retains the ability to design games according to its own creative vision.
What is an activist investor?
An activist investor is an individual or firm that purchases a significant stake in a company to influence its management, usually with the goal of increasing shareholder returns or changing corporate strategy.
Will there be an Elden Ring 2?
As of late 2024, Miyazaki confirmed that FromSoftware is not considering a direct sequel to Elden Ring, though he has not permanently closed the door on the franchise.
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