From Software is owned by Japanese conglomerate Kadokawa so that might make it harder for Sony to acquire Elden Ring devs.
From Software and Sony have been working closely for a long long time but Elden Ring devs remain under the Kadokawa conglomerate. From Software built two PlayStation exclusives - Demon's Souls and Bloodborne, both of which are cult classics today, and that is one of the reasons why from time to time, From Software are mentioned as a potential dev studio that could join the PlayStation Studios family.
Recent rumours, which, it has to be said, do not come from reliable sources, suggest that Sony could buy From Software from Kadokawa. But, is there any truth to this? Could Sony really add From Software to their first-party studios umbrella? It's certainly possible, but it's unlikely, highly unlikely.
Reliable industry insider Jeff Grubb revealed on his recent podcast that Sony's rumoured acquisition is much bigger than From Software, hinting at a potential publisher acquisition. Another reason why From Software probably won't be joining Sony is their parent company Kadokawa, who are well aware of the value that From Software creates, especially after the release of Elden Ring, which pretty much became the first mainstream From Software game, selling well over 12 million copies since launch.
The price could also be an issue. From Sofware was worth around $22 million back in 2014 , when they released the not so great Dark Souls 2. After several critically acclaimed releases, Game of the Year awards and mainstream success with Elden Ring, From Software's market value is probably in billions of dollars.
Could Sony afford to buy another studio for a couple of billions, right after the Bungie acquisition? Perhaps they could but would they? That's probably a better question. However, given how Microsoft and the rest of the big publishers are aggressively expanding and acquiring new studios, it wouldn't surprise us if Sony made another big move and get the legendary devs of Dark Souls, Sekiro, Bloodborne and other beloved titles.