FromSoft’s Shareholder Tightens Screws on Miyazaki

After securing a sizable stake in Kadokawa, Hong Kong‑based hedge fund Oasis Management Company has reportedly been at odds with other shareholders, urging them to withhold support for Takeshi Natsuno’s re‑election as company president.

Oasis has leveled accusations of “profit leaks,” especially in dealings involving FromSoftware. According to Inven Global, the hedge fund singled out the Dark Souls developer as Kadokawa’s most valuable asset, claiming it is hemorrhaging revenue by entering publishing agreements with third parties that keep the lion’s share of profits in key overseas markets.

FromSoftware traditionally manages publishing within Japan while outsourcing international distribution to major publishers such as Bandai Namco and Activision. Oasis argues that, given the studio’s growing influence and financial backing, it should transition to self‑publishing. However, the rest of the board has rejected these claims.

Kadokawa has responded by stating that publishing arrangements are evaluated on a case‑by‑case basis and that the company’s complex business structure cannot be simplified or converted to pure self‑publishing without significant lead time.

As Oasis intensifies its push to boost revenue from Kadokawa’s flagship studio, concerns are mounting that the creative vision of the team could be compromised. Yet, Inven Global has reported that director Hidetaka Miyazaki remains largely content with the current working environment.

“FromSoftware is free to create the games we want without excessive interference,” Miyazaki affirmed, allaying fears that Oasis might encroach on the studio’s artistic autonomy.

Still, history has shown that even the most resilient creators can be swayed by powerful stakeholders. When a vision clashes with the interests of influential investors, the risk of being sidelined looms large.

Despite these pressures, Miyazaki has skillfully kept corporate influence at bay, though the trust dynamic between Japanese developers and shareholders remains distinct from the Western model.

The cultural divide between Oasis Management Company and its Japanese counterpart may prove pivotal in shaping the outcome of this saga. From what I’ve observed in Western markets—where large acquisitions and corporate coercion often leave a bitter taste—I’m skeptical about how FromSoftware will fare once the dust settles.