Sony to buy U.S. independent music businesses for $430 mil.

Economy Society

Sony Corp. said Tuesday it will buy two units from U.S. Kobalt Music Group Ltd. for $430 million -- a music distribution service for independent recording artists and a performance rights collecting operation -- to enhance its business. Sony Music Entertainment, a Sony unit based in the United States, will purchase Kobalt's Awal, which supports independent artists such as Grammy winner Finneas in marketing and distributing their music, and Kobalt Neighbouring Rights, which collects royalties for artists. The electronics and entertainment giant has been increasingly focused on the gaming and en...

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