Sony Music Entertainment, a wholly-owned subsidiary of Sony, agreed to acquire AWAL, a recorded music label and distribution business mainly for independent recording artists, from Kobalt Music Group, an independent music rights management and publishing company, for $430m. “As Kobalt moves forward under the leadership of our CEO, Laurent, we are both excited for the big opportunities ahead across music publishing, AMRA and Kobalt Capital. Our team and capabilities will only grow stronger and play a continued role in making the industry better for creators," Willard Ahdritz, Kobalt Founder and Chairman. On September 16, 2021, UK regulator referred to Sony Music Entertainment's purchase of AWAL, after the buyer refused to divest any undertakings to allay competition concerns. On February 11, 2022, CMA announced it is looking to approve the deal as two companies were unlikely to become competitors.