FILE PHOTO: Pedestrians are reflected in a logo of Sony Corp outside its showroom in Tokyo July 16, 2014. REUTERS/Yuya Shino
(Reuters) -A UK regulator referred Sony Music Entertainment's purchase of London-based independent record label AWAL for an in-depth probe on Thursday, after the buyer refused to divest any undertakings to allay competition concerns.
The Competition and Markets Authority (CMA) has said the wholesale distribution of recorded music in the UK was highly concentrated at present, and if the deal had not gone ahead, Sony and AWAL could have competed more strongly with each other.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
