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.

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,