Oasis Management Company, the activist investor best remembered for suggesting Nintendo charge players 99 cents just to make Mario jump higher, has now set its sights on something far bigger: an 8.86% stake in Kadokawa, the Japanese media conglomerate that ownsElden Ring and Dark Souls developer FromSoftware.
According to reporting by Gamebiz and Automaton, the acquisition puts Oasis remarkably close to Sony's own 10% stake in Kadokawa, which the PlayStation maker secured back in late 2024 alongside a strategic partnership deal. That's a lot of influence converging on one company.
The Company Behind the Mario Microtransaction Quote
If the name Oasis Management rings a bell, it's probably because of that infamous 2014 open letter to then-Nintendo president Satoru Iwata. In it, Oasis chief investment officer Seth Fischer argued Nintendo should abandon its console-first approach and go all-in on free-to-play mobile games. The pitch included this now-legendary line: "Just think of paying 99 cents just to get Mario to jump a little higher."
Nintendo, to absolutely nobody's surprise, did not do that. Instead, the company released the Nintendo Switch, one of the best-selling consoles in history, and its successor the Switch 2. Nintendo did eventually move into mobile, with Pokémon Go and Super Mario Run both launching in 2016, though whether Oasis had anything to do with that pivot remains unclear.
The key here is understanding what an activist investor actually does. Oasis isn't buying into Kadokawa because it loves Elden Ring. It's acquiring a minority stake large enough to influence how the company is run, typically with the goal of boosting shareholder returns. That can mean pushing for restructuring, asset sales, or strategic shifts.
Why Kadokawa Is Such a Tempting Target
Kadokawa is genuinely enormous. Its portfolio spans manga publishing, anime production, film, and games. On the anime side alone, the group is behind Oshi no Ko, Re:Zero, and Delicious in Dungeon. In games, it owns not just FromSoftware but also Spike Chunsoft through its Dwango subsidiary.
That's a staggering collection of globally recognized IPs, and it's exactly why the company has attracted so much outside interest. According to IGN's full report on the acquisition, Sony became one of Kadokawa's biggest shareholders after acquisition talks in late 2024 shifted into a strategic partnership instead, with both companies aiming to strengthen each other's IP reach internationally.
Now Oasis holds 8.86%, sitting just behind Sony's 10%. As of March 2025, Kadokawa's top three shareholders each held roughly a 10% stake, which means Oasis has positioned itself as a genuinely significant voice at the table.
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Oasis has not yet made any public demands of Kadokawa. What the firm actually wants from the company remains unknown for now.
FromSoftware's Position in All of This
It's worth remembering what's at stake for players here. FromSoftware is currently deep in its own projects: The Duskbloods, a vampire-themed exclusive for Nintendo Switch 2, is in development, and Elden Ring: Nightreign continues to receive updates. The studio also recently made headlines when it emerged that FromSoftware, not Sony, was the party that turned down Bluepoint's proposed Bloodborne remake.
Elden Ring Nightreign updates continue
FromSoftware has always operated with a strong sense of creative independence. Whether an activist investor holding nearly 9% of its parent company changes that dynamic in any meaningful way is the real question hanging over this story.
What Happens Next
Oasis hasn't tipped its hand yet. No public proposals, no restructuring demands, no suggestions that anyone should pay extra to perform a basic game mechanic. But given the firm's history with Nintendo, and the broader context of what this stake could mean for Kadokawa's future, this is a situation worth watching closely.
Kadokawa sits at the intersection of some of gaming's most beloved franchises and some of anime's biggest hits. Whatever Oasis decides to push for next, the ripple effects could reach a lot further than a single studio. Make sure to check out more:
