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Chinese Anti-Trust Regulators Order Tencent Music To Give Up Exclusive Licensing Deals With Labels Within 30 Days

July 28, 2021
Source: celebrityaccess.com celebrityaccess.com
News Snapshot:
(CelebrityAccess) — China’s antitrust regulator has ordered Chinese music streamer Tencent Music Entertainment to give up its exclusive music licensing deals for online music in a bid to “restore market competition.” China’s State Administration for Market Regulation or SAMR to comply with the ruling within 30 days, according to a translation of a ruling on the regulator’s website. According to Reuters, which first reported this story, Tencent Music is also on the hook for a fine of 500,000 yuan ($77,141). The sanctions follow SAMR’s investigation of Tencent Music’s July 2016 acquisition of shares of China Music Group, which the SAMR...
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