Patrick Frater Asia Bureau ChiefTencent Music Entertainment has been fined by Chinese regulators and ordered to terminate its exclusive content supply deals with major global music suppliers.The company is the largest online music group in China and is a majority owned subsidiary of China’s Tencent Group.
Its shares are separately listed on the New York Stock Exchange in the U.S.The ruling was announced on Saturday by the State Administration for Market Regulation.
It gave Tencent Music 30 days to unwind its exclusive deals with major international music suppliers and fined the company RMB500,000 ($77,100).The regulator also said that Tencent Music cannot seek hefty pre-payments from rivals to which it sub-licenses content.
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