GungHo Online Entertainment (TSE: 3765), the maker of Puzzle & Dragons, disclosed in an extraordinary report filed August 31, 2026 with the Kanto Local Finance Bureau that Sony Music Entertainment, Inc. is set to acquire the entire 23.29% stake in the company now held by SON Financial G.K.
The transfer covers 120,065 voting rights, calculated against the 515,463 total voting rights on GungHo's shareholder register as of June 30, 2026. Sony Music Entertainment holds none of GungHo's stock today; once the deal closes, SON Financial's holding drops to zero. The acquisition is scheduled to execute on December 30, 2026, though GungHo lists the date as provisional. At the filing date, GungHo's capital stood at ¥5,338mn against 53,161,416 shares outstanding.
| Shareholder | Before | After |
|---|---|---|
| Sony Music Entertainment, Inc. | 0 voting rights (0%) | 120,065 voting rights (23.29%) |
| SON Financial G.K. | 120,065 voting rights (23.29%) | 0 voting rights (0%) |
The ownership shift accompanies a capital and business alliance agreement GungHo's board approved on August 28, 2026. Under that pact, GungHo must obtain Sony Music Entertainment's written consent before issuing or disposing of shares in a way that would push the buyer's post-closing stake below 22.65%, and before starting or ending third-party business tie-ups that would meaningfully interfere with the new alliance. Sony Music Entertainment also gains a right to subscribe for new shares to defend its holding ratio. Most of these provisions take effect at closing and are suspended, not voided, if Sony Music Entertainment's stake later falls below 15%; the pre-closing consent requirement on share issuances applies regardless of that threshold.
GungHo describes the governance impact as "minor" and says the arrangement respects its independence as a listed company. Nothing is final until the December closing: SON Financial's exit and Sony Music Entertainment's entry both remain scheduled, not completed.