Marvelous terminates Tencent partnership, halts Story of Seasons mobile game

Japanese game publisher Marvelous Inc. announced the end of its six‑year capital and business alliance with Tencent Holdings Ltd.'s subsidiary Image Frame Investment. Tencent sold its roughly 20 % stake, with the shares being redistributed to Marvelous, SBI Securities and other Japanese investors. Former Sega president Hayao Nakayama became the largest individual shareholder, followed by Marvelous CEO Haruki Nakayama.

The partnership breakup directly led to the cancellation of the long‑delayed mobile version of the "Story of Seasons" franchise, which had been in development since 2019 under a licensing agreement. Marvelous confirmed the license remains in force, but the specific mobile title will not be released. The company expects only a minimal impact on its fiscal 2027 consolidated earnings.

Tencent’s withdrawal reflects a broader reassessment of its investments in Japanese game studios amid a changing market environment.