Crunchyroll now holds 1,071,900 shares of Link-U Group, or 7.03% of the 15,248,400 shares outstanding on October 8, 2026, according to its large shareholding report filed on October 9. The shares were acquired off-market through a third-party allotment at ¥856 each, paid from the company's own funds of ¥917.5mn, with no borrowing. The payment date was set earlier. The report states the holding purpose as a capital and business alliance and records no significant proposals to Link-U.
What the stake comes with
The report summarises a Share Purchase Agreement dated September 14, 2026. Three terms stand out:
- Consent right. If Link-U or its group companies decide on or approve a reorganisation, a transfer of all or a material part of the business, or a share transfer or acquisition that changes a subsidiary or affiliate, and the counterparty is a competitor of Crunchyroll's group, Link-U must give prior written notice and obtain Crunchyroll's prior written consent. The right is limited to those transactions.
- Board nomination. Crunchyroll may nominate one non-executive director, but only while it holds at least 535,950 Link-U shares, a figure adjusted for splits, consolidations or free allotments. The report does not say a director has been named.
- Ownership cap. Without Link-U's prior written consent, Crunchyroll may not acquire, directly or indirectly, Link-U shares or share acquisition rights equal to 10% or more of shares outstanding or voting rights, measured on a fully diluted basis.
Exit disclosure
In a separate undertaking dated October 8, Crunchyroll agreed that if it sells all or part of the shares within two years of that date, it will report the sale to Link-U in writing. Link-U will then report it to the Tokyo Stock Exchange, and the details will be open to public inspection.