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Will Sony's stock rise by more than 5% by end of 2024?
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Sony in Talks to Acquire Kadokawa, Owner of 'Elden Ring' Developer FromSoftware; Kadokawa Stock Up 23%
Nov 19, 2024, 06:11 AM
Sony is reportedly in discussions to acquire Kadokawa, the Japanese media company known for its ownership of FromSoftware, the developer behind the popular game 'Elden Ring'. The news was first reported by Reuters, citing two sources familiar with the matter. Both Sony and Kadokawa have declined to comment on the negotiations. Following the announcement, Kadokawa's stock surged by 23%, reaching its daily limit high in Tokyo trading. In contrast, Sony's stock saw a modest increase of 0.63%. This potential acquisition aligns with Sony's strategy to expand its entertainment portfolio, which has already included investments in various gaming and media companies.
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