Tencent Terminates Exclusive Music Copyright Agreements Post Government Crackdown: Reuters

August 31, 2021 12:34 PM | 1 min read | Make a Comment

Tencent Holdings Ltd TCEHY has ended all exclusive music copyright agreements after Chinese regulators barred it from such deals last month, Reuters reports from the gaming company's WeChat account.
The State Administration Of Market Regulation recently ordered Tencent Music Entertainment Group TME to surrender its exclusive rights to music labels, penalizing the company.
Tencent reportedly held over 80% of the exclusive music library resources, which fueled anticompetitive concerns.
Price Action: TCEHY shares traded higher by 5.3% at $61.4, and TME shares traded higher by 2.64% at $8.74 on the last check Tuesday.