By Sam Nussey TOKYO (Reuters) -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.

While Microsoft has become the main character of acquisitions in corporate culture with its $69 billion purchase of Activision Blizzard, a new report suggests Sony is gearing up for a big buyout that will propel it even further to the top of the totem pole of monopolizing the anime industry.

Sony Group Corporation is in talks to acquire fellow Japanese conglomerate Kadokawa, according to media reports that emerged this week. The firm’s animation and games properties may underlie the possible M&A activity. Kadokawa is a 79-year-old company ...