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China to order Tencent Music to give up music label exclusivity, say sources
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The penalty plus a 500,000-yuan fine is the culmination of an investigation by Chinese authorities into Tencent Music Entertainment Group.
PHOTO: REUTERS
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HONG KONG (REUTERS) - China's antitrust regulator is poised to order the music streaming arm of Tencent Holdings to give up exclusive rights to music labels, two people with direct knowledge of the matter said on Monday.
The penalty, plus a 500,000 yuan (S$104,000) fine for misreporting the acquisition of two apps, is the culmination of an investigation by the State Administration of Market Regulation (SAMR) into Tencent Music Entertainment Group, China's dominant music streaming company, the sources told Reuters.
