Sony Music to Buy Kobalt Assets for $430 Million

Bloomberg: Sony Music agreed to buy 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. Kobalt previously touted AWAL, an acronym for A World Artists Love, as an example of how it was reinventing the music industry. But Kobalt hired strategy advisers to review its options and is now selling key assets.