Oasis Management Company, the activist investor that once pitched Nintendo on charging players 99 cents per Mario jump, has acquired an 8.86% stake in Kadokawa, the Japanese media conglomerate that ownsElden Ring and Dark Souls developer FromSoftware.
The move places Oasis just behind Sony's 10% stake in Kadokawa, which PlayStation secured in late 2024 through a strategic partnership. Two major outside investors now hold significant influence over one of gaming's most valuable companies.
The Company Behind the Mario Microtransaction Quote
Oasis Management made headlines in 2014 when chief investment officer Seth Fischer sent an open letter to then-Nintendo president Satoru Iwata urging the company to abandon consoles entirely and pivot to free-to-play mobile games. The letter included this line: "Just think of paying 99 cents just to get Mario to jump a little higher."
Nintendo ignored the advice. The company went on to release the Nintendo Switch, one of the best-selling consoles ever made, and recently launched its successor, the Switch 2. Nintendo did eventually enter mobile with Pokémon Go and Super Mario Run in 2016, though any connection to Oasis's pressure remains unclear.
Activist investors like Oasis don't buy stakes because they love the products. They acquire minority positions large enough to push for changes that boost shareholder returns. That can mean restructuring, asset sales, or strategic pivots.
Why Kadokawa Is Such a Tempting Target
Kadokawa's portfolio spans manga, anime, film, and games. The company produces anime like Oshi no Ko, Re:Zero, and Delicious in Dungeon. In games, it owns FromSoftware and Spike Chunsoft through its Dwango subsidiary.
That collection of globally recognized IP explains why outside investors keep circling. Sony's 10% stake came after acquisition talks in late 2024 shifted into a strategic partnership aimed at expanding both companies' international reach. Kadokawa's top three shareholders as of March 2025 each held roughly 10%, meaning Oasis now sits at the table as a genuinely significant voice.
FromSoftware's Position in All of This
FromSoftware is currently working on The Duskbloods, a vampire-themed exclusive for Nintendo Switch 2, while continuing to support Elden Ring: Nightreign. The studio recently made news when it emerged that FromSoftware, not Sony, turned down Bluepoint's proposed Bloodborne remake.
Elden Ring Nightreign updates continue
FromSoftware has maintained strong creative independence throughout its history. Whether an activist investor holding nearly 9% of its parent company can shift that balance is the real question.
What Happens Next
Oasis hasn't revealed its plans yet. No public proposals, no restructuring demands, no suggestions that players should pay extra for basic mechanics. But given the firm's history with Nintendo and the scale of what this stake represents, the situation deserves close attention.
Kadokawa controls some of gaming's most beloved franchises and some of anime's biggest properties. Whatever Oasis pushes for next could affect far more than a single studio. Make sure to check out more:
