TOKYO (dpa-AFX) - The Competition and Markets Authority in the UK said it has provisionally cleared Sony's acquisition of AWAL, an 'artist and label' or A&L services provider, following an in-depth merger inquiry.
AWAL is an emerging music distributor offering an alternative to traditional music deals by providing both A&L services and a 'DIY platform' that allows artists to upload their own music for distribution.
The CMA has provisionally concluded that the deal does not substantially reduce competition in the UK and may not be expected to do so in the future.
The CMA is now asking for views on the provisional findings by 4 March 2022 and will assess all evidence provided before making a final decision. The statutory deadline for the CMA's final report is 17 March 2022.
In February 2021, Sony Music Entertainment agreed to buy 100% of the shares and related assets of certain Kobalt Music Group subsidiaries in order to obtain AWAL for $430 million.
In September 2021, the CMA referred Sony Music's acquisition of AWAL for a Phase 2 investigation.
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