Japanese digital publisher AlphaPolis acquired anime studio WHITE FOX for an undisclosed sum on July 31, making the production house behind “Re:Zero” and “Steins;Gate” a wholly owned subsidiary.
The Tokyo-based publisher generated ¥13.6 billion ($91 million) in revenue and ¥3.2 billion ($21.5 million) in ordinary profit for the fiscal year ended March 2025. In contrast, WHITE FOX managed just ¥1.3 billion ($8.7 million) in sales with a meager ¥5 million ($33,000) ordinary profit for the same period.
AlphaPolis cited industry-wide animator shortages and limited studio availability as driving factors behind the acquisition. The company has positioned anime adaptation of its web novel catalog as a core growth strategy, having produced series including “GATE” and “Tsukimichi: Moonlit Fantasy.”
WHITE FOX, established in 2007 by Gaku Iwasa, has built a reputation for high-quality animation despite modest financial returns. The studio’s recent works include popular series “Re:Zero” and “The Devil Is a Part-Timer,” though fans express concern about potential corporate interference affecting creative independence.
AlphaPolis holds approximately ¥11.5 billion ($77 million) in net cash, representing nearly 10 months of revenue. Investment firm Hibiki Path Advisors, an AlphaPolis shareholder, estimated the deal size at under ¥2 billion ($13.4 million) based on disclosure requirements.
The acquisition reflects broader consolidation trends in Japan’s anime industry, where production demand consistently outpaces studio capacity. AlphaPolis expects the deal to accelerate anime adaptations of its intellectual property and attract international audiences.
