Brasilia, Brazil (CelebrityAccess) — The Administrative Council for Economic Defense (CADE), Brazil’s anti-trust regulator, has granted approval to Sony to complete its proposed acquisition of noted Brazilian record label Som Livre.
The label was launched in 1969 to provides a for the commercialization of music from Brazil’s soap operas as well as studio albums from Brazilian artists. Som Livre also offers recording, editing and event production services, and also operates Fluve, a music distribution platform for independent artists and labels.
Sony announced plans to acquire the label in 2021 after its former owner, Brazilian media conglomerate Grupo Globo put Som Livre up for sale in November 2020.
The transaction will see Sony fully acquire the assets and rights related to recorded music, music publishing and live music events that make up Som Livre’s business.
According to CADE, regulators weighed factors including market concentration and barriers to entry, as well as the shift towards streaming and found that the acquisition would have limited impact on market competitiveness.
The financial terms of the acquisition were not disclosed.