Sony Music Entertainment Acquisition of AWAL and Neighbouring Rights Cleared in CMA Final Report
Mar 16, 2022
On March 16, 2022, the UK’s Competition and Markets Authority (CMA) published its Final Report on the acquisition of AWAL and Neighbouring Rights. The full press release from the CMA can be found here.
This Final Report approves Sony Music Entertainment’s (SME) acquisition of Kobalt’s recorded music operations, including AWAL, a leading provider of services to independent recording artists, and Neighbouring Rights, one of the leading performance rights collection agencies for artists and independent labels worldwide, announced in February 2021.
Sony Music Entertainment said:
“We welcome the decision by the CMA to clear Sony Music’s acquisition of AWAL and Neighbouring Rights, allowing us to focus on offering the best service for their artists, in an intensely competitive market with multiple competitors and many offerings. This is the start of an exciting new venture for SME, AWAL and Neighbouring Rights, and ensures we can continue to deliver real benefits for artists globally as the music industry continues to evolve.”