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.

In a pretty astonishing piece of news, it seems that Sony is in talks to buy Kadokawa. According to Reuters, Sony is thinking of buying Kadokawa, which would have massive ramifications for both games and anime.

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,