The UK's Competition and Markets Authority has given its approval to Sony Music's acquisition of artist services firm AWAL (CMA).
The news comes four weeks after the CMA handed the deal provisional approval, pending a final judgment.
Sony Music acquired UK-headquartered AWAL as part of a $430 million acquisition from Kobalt Music Group that closed in May last year. The agreement also saw Sony acquire Kobalt Neighbouring Rights.
The Competition and Markets Authority (CMA) referred the merger to an in-depth Phase 2 inquiry in September 2021, after identifying competition concerns during its initial Phase 1 investigation.
Now, following a consultation that ended on March 4, the CMA has upheld its provisional findings and cleared the deal.
The CMA’s inquiry assessed the extent to which Sony-owned The Orchard and AWAL may be expected to compete to provide artist and label (A&L) services. It also looked at how closely Sony and AWAL may be expected to compete to sign successful artists.
