UK Competition Watchdog to Investigate Sony's AWAL Acquisition
September 16 2021 - 7:50AM
Dow Jones News
By Adam Clark
The U.K. Competition and Markets Authority said Thursday that it
will launch an in-depth investigation into Sony Group Corp.'s
acquisition of music distributor AWAL.
The CMA said earlier in September that its Phase 1 investigation
found that, if the deal hadn't gone ahead, Sony and AWAL could have
competed more strongly against each other in the future, benefiting
artists in their deals with distributors.
On Thursday, it said that Sony had decided not to offer any
undertakings to the CMA in respect to its competition concerns so
it will launch a Phase 2 investigation.
The Japanese entertainment and electronics company agreed to buy
AWAL, Kobalt Music Group Ltd.'s business that distributes
independent recording artists' music and manages rights, in
February for $430 million.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
September 16, 2021 07:35 ET (11:35 GMT)
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