1. Did I say From is not a successful developer?
2. Did I say Elden Ring wasn't successful?
Just because From Soft is a successful developer does not change the market valuation of Kadokawa. In the same way just because Activision Blizzard owned lots of successful developers and IP did not change how much Microsoft paid for them.
Microsoft is buying Activision at roughly $15 over their stock price at the time the deal was announced. Activision stock was trading at ~$80 and Microsoft is buying them at $95 a share, which is 15% over market value.
is suggesting is that Kadokawa would ask for 5x their market valuation because Elden Ring, an IP they don't even own sold well. Activision which has a lot more successful ongoing IP sold for only 15% over market price.
Seriously people, think.