IMPALA’S REACTION TO UK COMPETITION AND MARKETS AUTHORITY’S PROVISIONAL GREEN LIGHT OF SONY/AWAL & KOBALT NEIGHBOURING RIGHTS MERGER
14th February 2022,
On Friday 11 February, the CMA has provisionally cleared Sony’s acquisition of AWAL and Kobalt Neighbouring rights businesses from Kobalt Music Group Limited. Before making a final decision, the CMA will have to assess evidence provided by stakeholders, who can comment on the provisional findings by 4 March 2022. The final decision needs to be done by 17 March, which is the date of the statutory deadline.
IMPALA’s Helen Smith commented: “It’s a provisional set of findings, so we will comment in time for the CMA’s deadline of 4 March, with their final decision due later in March. We remain concerned that this acquisition will have a negative effect on competition and of course for artists, independent music companies and consumers.”
Helen Smith concluded: “We will read the CMA’s arguments with care and will consult our members again to get their views on the specific rationale applied by the regulator, so we can provide as useful input as possible. The case also highlights the need for the independent sector to have options when it comes to accessing finance.”
IMPALA – Independent Music Companies Association
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