But for Kadokawa themselves, they have shared a statement confirming that the potential deal between them and Sony has yet to be confirmed. Noting that they “received an initial letter of intent to acquire the Company’s shares,

Japanese media powerhouse Kadokawa said on Wednesday it had received a letter of intent to buy its shares, a day after a Reuters report that Sony was in talks to acquire the developer of the acclaimed "Elden Ring" fantasy game sent its stock soaring.

Reports that Sony was in talks to acquire Kadokawa, the Japanese media conglomerate that owns Elden Ring developer FromSoftware, have been confirmed. Kadokawa has released a short statement acknowledging Sony’s intention but stating that no decision had been made.