CMA merger inquiry into Sony acquisition of Kobalt’s AWAL & KNR

The Competition and Markets Authority (‟CMA”)did a stellar job, with the information and data it was provided with, during the phase 1 and phase 2 investigations of Sony's acquisition of Kobalt's assets, AWAL and Kobalt Neighbouring Rights. Why is this merger inquiry important, for the music industry? How did it come about? Was the merger inquiry's outcome fair and appropriate, to preserve healthy competition in the music distribution and rights management sectors?