Kadokawa CEO Survives Shareholder Revolt as MtG Arena Devs Win Union Vote

The gaming industry was rocked by two major corporate labor and leadership stories on Wednesday, June 24, 2026. In Japan, Kadokawa — the parent company of FromSoftware, the studio behind Elden Ring — weathered a dramatic boardroom clash as CEO Takahashi Natsuno successfully retained his position following a high-stakes challenge from activist hedge fund Oasis Management. The investor group had been pressuring Kadokawa over alleged "profit leakage," arguing that the company was failing to maximize returns from its enormously successful gaming properties, including the globally beloved Elden Ring franchise. While Natsuno survived the vote, analysts and observers warn the pressure from activist shareholders is far from over, with Oasis expected to continue pushing for structural and leadership changes at the company.

Across the Pacific, a landmark labor victory was unfolding at Wizards of the Coast, the Hasbro-owned studio behind Magic: The Gathering Arena. The newly formed union, "United Wizards of the Coast – CWA," was officially certified following an election, formalizing what workers had voted to establish earlier in the year. The road to recognition was reportedly contentious, with union organizers accusing Wizards of the Coast of dragging their heels on voluntary recognition — a tactic critics say is increasingly common among large gaming publishers looking to delay or complicate unionization efforts. The successful election marks one of the more prominent union wins in the games industry in recent memory, and adds to a growing wave of labor organizing sweeping through major studios.

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