Reuters
Exclusive – China to order Tencent Music to give up music label exclusivity – sources
China’s antitrust regulator is set to order the music streaming arm of Tencent Holdings Ltd 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. SAMR, Tencent Holdings and Tencent Music Entertainment Group did not respond to Reuters’ requests for comment.
