07:00 AM EST, 12/19/2024 (MT Newswires) -- Sony Group ( SONY ) said Thursday it has agreed to buy about 12.1 million new Kadokawa shares through a third-party allotment on Jan. 7.

The acquisition, valued at about 50 billion Japanese yen ($318.6 million), will make Sony Kadokawa's largest shareholder, holding about 10% of its shares.

Sony ( SONY ) said it has also entered into a business alliance agreement with Kadokawa to leverage their intellectual property across various media formats, with a focus on the expansion of the global distribution of Kadokawa's anime through Sony ( SONY ) and broadening its game publishing efforts.

Plans include joint investments in content, discovering new creators and adapting Kadokawa's IP for live-action films, TV dramas, and anime co-productions.