Pei Li
4 minute read
The logo of China s Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration
HONG KONG, July 12 (Reuters) - China s antitrust regulator is set to order the music streaming arm of Tencent Holdings Ltd (0700.HK) to give up exclusive rights to music labels which it has used to compete with smaller rivals, two people with knowledge of the matter said on Monday.
The State Administration of Market Regulation (SAMR) will also fine it 500,000 yuan ($77,150) for lapses in reporting the acquisitions of apps Kuwo and Kugou, the people told Reuters - a milder penalty than the forced sale indicated earlier this year.
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Tencent to Give Up Exclusive Music Rights, Reuters Says
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