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Sony Music Agrees to Acquire Kobalt’s AWAL for $430 Million
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Sony Music Entertainment Inc. agreed to pay $430 million for a pair of businesses from Kobalt Music Group Ltd., a leader in distributing music online, adding two tools it can offer to artists and accelerating the dismantling of one of its competitors.
Sony Music said in a filing Monday that it’s buying AWAL, which distributes music for artists online without taking ownership of their copyrights. It’s also acquiring a Kobalt business that collects royalties for performers.