"It is true that we have made an initial declaration of intent, and we would appreciate it if we could refrain from commenting further," Sony said.
"The Company has received an initial letter of intent to acquire the Company's shares, but no decision has been made at this time," Kadokawa stated.
If the acquisition goes through, Sony stands to own a valuable portfolio of IPs, including video games, anime, manga and more.
Perhaps the most notable property that Sony would come to own is Japanese video game developer FromSoftware, producer of critically acclaimed games.
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