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Appendix A details the CMA’s statutory assessment of a relevant merger situation involving Sony, AWAL, and Kobalt, including the statutory timetable and investigation questions. Appendix B summarizes the inquiry process, timelines, site visits, evidence gathering, hearings, and submissions. Appendix C outlines third-party evidence, questionnaires, response rates, and customer analysis.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/appendices-and-glossary-appendix-a-terms-of-reference/303874/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/appendices-and-glossary-appendix-a-terms-of-reference/303874.png","ImageObject",442,249,{"name":88,"@type":89},"Eliana","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-20","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":73},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the purpose of Appendix A in the inquiry?","Question",{"text":108,"@type":109},"Appendix A sets out the terms of reference, including the CMA’s belief that a relevant merger situation exists and the specific questions the inquiry group must investigate under the applicable statutes.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How did the CMA conduct the inquiry (major steps)?",{"text":113,"@type":109},"The CMA referred the acquisition for an in-depth phase 2 investigation, published materials and timetables, held virtual site visits with the parties, invited submissions from interested stakeholders, and conducted separate main party hearings.",{"name":115,"@type":106,"acceptedAnswer":116},"What kind of third-party evidence does Appendix C include?",{"text":117,"@type":109},"Appendix C covers third-party questionnaires and describes key findings from questionnaires sent to customers and competitor profiles, including response consolidation across phases where questions overlapped.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},303874,1789807872,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":73,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":40},4398048949847,"https://ap-avatar.wpscdn.com/avatar/400002536579ef2da7f?_k=1778318612642679267","Appendices and glossary  \nAppendices  \nA: Terms of reference  \nB: Conduct of the inquiry  \nC: Third party evidence  \nD: Sony’s internal documents  \nE: AWAL’s internal documents  \nF: Market shares  \nG: Parties’ data  \nGlossary  \nAppendix A: Terms of reference  \n1. In exercise of its duty under section 22(1) of the Enterprise Act 2002 (the Act) the Competition and Markets Authority (CMA) believes that it is or may be the case that:  \n(a) a relevant merger situation has been created, in that:  \n(i) enterprises carried on by Sony Group Corporation, including its subsidiary, Sony Music Entertainment, have ceased to be distinct from enterprises carried on by the AWAL business 1 and the Kobalt Neighbouring Rights business;2 and  \n(ii) the condition specified in section 23(2)(b) of the Act is satisfied; and  \n(b) the creation of that situation has resulted, or may be expected to result, ina substantial lessening of competition within a market or markets in the United Kingdom (UK) for goods or services, including the wholesale digital distribution of recorded music in the UK.  \n2. Therefore, in exercise of its duty under section 22(1) of the Act, the CMA hereby makes a reference to its chair for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013 in order that the group may investigate and report, within a period ending on 2 March 2022, on the following questions in accordance with section 35(1) of the Act:  \n(a) whether a relevant merger situation has been created; and  \n(b) if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the UK for goods or services.  \nColin Raftery  \nSenior Director, Mergers  \nCompetition and Markets Authority  \n16 September 2021  \n1 The AWAL business comprises AWAL Digital Limited, AWAL Recordings Licensing Ltd, AWAL Recordings Ltd, AWAL Recordings America, Inc. , AWAL Recordings Licensing America, Inc. and In2une Inc.  \n2 The Kobalt Neighbouring Rights business comprises Kobalt Neighbouring Rights Limited, Kobalt Neighbouring Rights II Limited, Kobalt Music Netherlands Artists B.V. and Kobalt Music Netherlands OH Records B.V.  \nAppendix B: Conduct of the inquiry  \n1. On 16 September 2021 , the CMA referred the completed acquisition by Sony Music Entertainment of the AWAL and Kobalt Neighbouring Rights (KNR) businesses from Kobalt Music Group Limited for an in-depth phase 2 investigation.  \n2. We published the biographies of the members of the inquiry group conducting the phase 2 inquiry on the inquiry webpage on 16 September 2021 and the administrative timetable for the inquiry was published on the inquiry webpage on 30 September 2021.  \n3. At commencement of the inquiry, the statutory deadline was 2 March 2022 , but this was subsequently extended to 17 March 2022 as a result of the delay by Sony to comply with the requirements of a notice under section 109 of the Act to provide certain documents and information. Revised versions of the administrative timetable were published on the inquiry webpage on  \n18 November 2021 and 26 January 2022.  \n4. The CMA held virtual site visits with each of the Parties. The site visits occurred separately with each of the Parties and included members of the inquiry group. AWAL’s site visit took place on 12 October 2021 and Sony’s site visit took place on 15 October 2021.  \n5. On 11 October 2021 , we published an Issues Statement on the inquiry webpage setting out the scope of the inquiry and the theories of harm on which the inquiry would focus. Sony’s response and one third party’s response to the Issues Statement have been published on the inquiry webpage.  \n6. We have invited and requested a wide range of interested parties to comment on the Merger. These included artists, labels, A&L providers, DIY platforms, industry bodies, DSPs and other stakeholders. We issued detailed questionnaires to some of these parties and a num","cbCaip9jF7fCBbtT","https://ap.wps.com/l/cbCaip9jF7fCBbtT","pdf",901545,52,"English","# Appendices and glossary\n## Appendices\n### A: Terms of reference\n### B: Conduct of the inquiry\n### C: Third party evidence\n### D: Sony’s internal documents\n### E: AWAL’s internal documents\n### F: Market shares\n### G: Parties’ data\n## Glossary\n### Appendix A: Terms of reference\n### Appendix B: Conduct of the inquiry\n### Appendix C: Third party evidence","[{\"question\":\"What is the purpose of Appendix A in the inquiry?\",\"answer\":\"Appendix A sets out the terms of reference, including the CMA’s belief that a relevant merger situation exists and the specific questions the inquiry group must investigate under the applicable statutes.\"},{\"question\":\"How did the CMA conduct the inquiry (major steps)?\",\"answer\":\"The CMA referred the acquisition for an in-depth phase 2 investigation, published materials and timetables, held virtual site visits with the parties, invited submissions from interested stakeholders, and conducted separate main party hearings.\"},{\"question\":\"What kind of third-party evidence does Appendix C include?\",\"answer\":\"Appendix C covers third-party questionnaires and describes key findings from questionnaires sent to customers and competitor profiles, including response consolidation across phases where questions overlapped.\"}]","Appendices and glossary - Appendix A: Terms of reference | PDF"]