China reports exclusive Music and China

Tencent Faces $1.5 Billion Fine and Chinese Government Probe in Antitrust Crackdown

Reading now: 441
variety.com

Rebecca Davis editorChina is preparing to hit Tencent Holding Ltd. with a fine of at least $1.54 billion (RMB10 billion) as part of a larger antitrust crackdown on its major internet firms, according to a report in Reuters.

That sum would be large enough to serve as a strong warning to the industry, but less than the record $2.75 billion penalty fine slapped on Alibaba earlier this month.China’s State Administration of of Market Regulation (SAMR) is investigating Tencent for anticompetitive practices, probing its music-streaming business and Tencent Music Entertainment Group (TME) in particular, according to the report.

Read more on variety.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA