Chinese Regulators May Require Tencent Music to End Exclusive Deals (Report)
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variety.comPatrick Frater Asia Bureau ChiefChinese anti-trust regulator was Monday reported to have penalized U.S.-listed Tencent Music Entertainment for its build-up of a dominant position in online music.Among the penalties are fines for the company’s failure to properly report the acquisition of two smaller operations in 2016, and a commitment to end exclusive deals with music labels.Reuters reported that the State Administration of Market Regulation was preparing to announce the punishment imminently.
It was not clear whether the fines of about RMB500,000 ($77,500) each and the end to exclusive contracts was the totality of the regulator’s punitive action.
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