UK watchdog eyes Sony Music’s purchase of Kobalt divisions
Despite the merger, AWAL will continue to sign, develop and market its own artists, and offer global marketing, sync, real-time analytics and radio promotion services.
“AWAL and Neighbouring Rights will become a new division within SME’s suite of independent artist and label services offerings and will be enhanced by the technology and network of SME’s independent music distribution company, The Orchard,” Sony said.
Lonny Olinick will remain AWAL’s CEO, according to a statement from the major.
“Prior to the closing of the acquisition, the UK Competition and Markets Authority initiated a review of the transaction. SME continues to work closely with the CMA to secure a positive outcome later this year,” a Sony spokesperson said.