19 November 2024, 11:43 am 1 minute
Sony is in talks to acquire Kadokawa, the Japanese media powerhouse behind the “Elden Ring” game, Reuters exclusively reported, as the technology giant looks to add to its entertainment portfolio. Shares of Tokyo-listed Kadokawa, were flooded with buy orders after the report and finished the day up 23%, having risen by their daily limit. The company later confirmed it had received an initial letter of intent for the acquisition – a full day after Reuters clients first had the news.
Why it matters
Known as the inventor of the Walkman, Sony has transformed from an electronics manufacturer into an entertainment and technology juggernaut spanning movies, music, games and chips.
Sony’s focus includes anime, whose growth worldwide has been fueled by the spread of streaming services and greater familiarity with Japanese culture.
Article Tags
Topics of Interest: Business & FinanceDeals
Type: Reuters Best
Sectors: Business & Finance
Regions: Asia
Countries: Japan
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story