Sony is in talks to acquire Japanese media conglomerate Kadokawa, the parent company of Elden Ring developer FromSoftware.

That’s according to a report from Reuters, whose sources state that talks are currently ongoing between the two companies. It’s claimed that a deal could be agreed in the coming weeks if talks are successful.

Sony declined to comment on Reuters’ report, while Kadokawa has said that it cannot comment. Following the report, Kadokawa’s stock price shot up by 23%, reaching an all-time high of ¥3,745 per share at the time of writing.

Kadokawa Corporation is a Tokyo-based media conglomerate which began as a publisher of books and manga, before expanding to other industries such as TV and film. The company also has a presence in the games industry, owning developers such as Spike Chunsoft (Dragon Ball: Sparking! Zero) and Acquire (Octopath Traveller, Mario & Luigi: Brothership).

Perhaps most notably, Kadokawa is the majority shareholder of FromSoftware, developers of Elden Ring, Bloodborne and the Dark Souls series. If Sony’s acquisition attempt is successful, it would mean that they become the new owners of the renowned studio.

An acquisition by Sony would be a fortunate turnaround for Kadokawa after a cyberattack caused the company’s stock to drop by 20% back in June.