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Sony Music To Buy Kobalt's AWAL For $430 Mln

(RTTNews) - Sony Music Entertainment has agreed to buy 100% of the shares and related assets of certain Kobalt Music Group subsidiaries in order to obtain AWAL for $430 million.

AWAL is Kobalt's recorded music label and distribution business mainly for independent recording artists, and Kobalt Neighbouring Rights, Kobalt's music neighboring rights management business.

Sony does not anticipate the transaction will impact on its forecast for its consolidated financial results for the fiscal year ending March 31, 2021.
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