White Fox business profile: ownership, revenue, and strategy
White Fox built a reputation on dense isekai adaptations. Its 2025 acquisition by AlphaPolis moves the studio from founder ownership to a listed parent.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: White Fox is a Tokyo-based anime production studio best known for Re:Zero - Starting Life in Another World, Steins;Gate, and Goblin Slayer. On July 31, 2025, AlphaPolis announced the acquisition of all shares from founder Gaku Iwasa, with the transaction expected to close on September 30, 2025. For the fiscal year ended March 2025, White Fox reported net sales of ¥1.331 billion, EBIT of ¥0.112 million, and net income of ¥3.916 million. Its revenue grew roughly 50 percent over the preceding three fiscal years, while operating profit fell to just ¥112,000.
What White Fox is and who owns it now
White Fox Co., Ltd. is a Japanese animation studio founded in 2007 in Tokyo. It became one of the most visible studios in the isekai genre through titles such as Re:Zero - Starting Life in Another World, Steins;Gate, Akame ga Kill!, The Rising of the Shield Hero, and Goblin Slayer. The studio was controlled by its founder, Gaku Iwasa, until 2025.
On July 31, 2025, AlphaPolis Co., Ltd. disclosed that it would acquire all shares of White Fox and make the studio a wholly owned subsidiary. AlphaPolis is a Tokyo Stock Exchange-listed digital manga and web novel publisher. The deal was expected to close on September 30, 2025. Singapore-based investor Hibiki Path Advisors, a shareholder in AlphaPolis, estimated the transaction at under ¥2 billion because AlphaPolis said it represented less than 15 percent of the parent's net assets.
How White Fox makes money
Like most Japanese animation studios, White Fox earns revenue primarily from production fees and participation in production committees. It is not a vertically integrated rights holder like Toei Animation or Aniplex. As a prime contractor, it plans and produces television anime, often adapting Kadokawa light novels and manga.
The studio's top line grew about 50 percent over the three fiscal years before the acquisition, according to Animenomics. At the same time, production costs rose faster: operating profit dropped to ¥112,000 in the most recent fiscal year ended March, down from ¥5.7 million two years earlier.
White Fox financial highlights as disclosed in AlphaPolis acquisition materials. FY ended March 2025.| Metric | FY ended March 2025 | Source note |
|---|
| Net sales | ¥1.331 billion | AlphaPolis disclosure via MarketScreener |
| EBIT | ¥0.112 million | AlphaPolis disclosure via MarketScreener |
| Net income | ¥3.916 million | AlphaPolis disclosure via MarketScreener |
| Total assets | ¥1.015 billion | AlphaPolis disclosure via MarketScreener |
| Total equity | ¥179.677 million | AlphaPolis disclosure via MarketScreener |
Where public financial data stops
White Fox does not publish standalone audited financial statements in English. The figures above come from AlphaPolis's acquisition disclosure, which is itself limited. The exact purchase price was not announced, and the studio's segment breakdown, employee count, and title-level economics are not public.
Because White Fox is a private company, its future revenue and profit will depend on the pipeline AlphaPolis chooses to fund. The studio's continued work on Re:Zero is not guaranteed contractually: founder Gaku Iwasa wrote on X that he intends to stay with the series unless the licensor and author ask him to leave.
Data caveats: White Fox does not publish audited English financial statements. The figures here come from AlphaPolis acquisition disclosures and trade reporting; they represent the most recent public numbers, not a complete audited picture.
Strategy after the AlphaPolis acquisition
AlphaPolis stated that the acquisition is part of a mid-term strategy to expand its animation business. It plans to adapt AlphaPolis-owned manga and web novels into anime using White Fox's production capability, attract new fans, and increase overseas awareness of its works. The move follows a broader industry pattern of publishers buying studios to secure production capacity.
For White Fox, the deal may provide funding and a steadier pipeline than purely external production contracts. The risk is that the studio becomes tied to AlphaPolis intellectual property, reducing its flexibility to work on outside hits. How the studio balances AlphaPolis projects with existing commitments will shape its post-acquisition identity.
Frequently asked questions
Who owns White Fox?
AlphaPolis acquired all shares of White Fox from founder Gaku Iwasa in 2025. White Fox became a wholly owned subsidiary of AlphaPolis.
What is White Fox's revenue?
For the fiscal year ended March 2025, White Fox reported net sales of ¥1.331 billion. Animenomics reports that its revenue grew roughly 50 percent over the preceding three fiscal years.
Why was White Fox acquired?
AlphaPolis wants to internalize anime production so it can adapt its own manga and web novel IP into video, secure studio capacity, and reach overseas audiences.
Sources and methodology
- AlphaPolis acquires 'Re:Zero' anime studio, Animenomics. Acquisition terms, White Fox revenue growth over three fiscal years, and latest operating profit figure.
- AlphaPolis Co., Ltd. agreed to acquire WHITE FOX Co., Ltd. from Gaku Iwasa, MarketScreener. FY ended March 2025 financial highlights: net sales, EBIT, net income, total assets, and total equity.
- AlphaPolis Announced Acquisition of WHITE FOX, Hibiki Path Advisors. Transaction rationale, expected close date, and estimate that the deal is under ¥2 billion.