Investors Push FromSoftware to Self-Publish, Target Kadokawa CEO

Oasis Management, an activist investor mounting a takeover bid at Kadokawa, has focused on FromSoftware as it seeks to replace CEO Takeshi Natsuno. The investor argues the studio has left substantial revenue with outside publishers by letting Bandai Namco handle overseas publishing rather than self-publishing.

The presentation highlights Elden Ring’s global success—more than 90 percent of sales came from overseas—and says Kadokawa "benefitted little" from that performance. Oasis points out that Kadokawa has grown its headcount and capabilities and that the rise of digital distribution has made self-publishing more feasible; the firm says it raised the idea as early as 2020 and that self-publishing briefly appeared in Kadokawa’s 2023 management plans before being removed.

There are practical complications. FromSoftware fully owns the Elden Ring trademark and could self-publish a sequel, but it does not own Dark Souls, Demon’s Souls, or Bloodborne, which would require negotiations with Bandai Namco or Sony.

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