U.K. Government Agency Approves Sony Purchase Of AWAL

UK Says OK

The UK's COMPETITION & MARKETS AUTHORITY (CMA) has approved SONY's purchase of AWAL. SONY MUSIC bought  AWAL and its performance rights collection agency, KOBALT NEIGHBORING RIGHTS, from KOBALT for $430 million (NET NEWS 2/1/21).

In FEBRUARY of this year, the CMA provisionally concluded that the deal doesn't substantially reduce competition in the UK and may not do so in the future. After wrapping up further discussion on MARCH 4th, the CMA has upheld its provisional findings and cleared the deal.

CMA Inquiry Group Chair MARGOT DALY said, "We launched this inquiry as we wanted to be sure that this deal wouldn’t lead to worse outcomes for artists and fans. The music industry is vital to the U.K. economy and effective competition ensures that it works for everybody. Having carefully assessed the merger, we found that it is not likely to affect competition in a way that will reduce the choice or quality of recorded music available or increase prices."

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