Photo illustration of the logo of Tencent Music Entertainment (TME), a Chinese company that develops music streaming services.
Pablo Goncher | SOPA Images | Light Rocket via Getty Images
Chinese antitrust regulator orders Tencent Beijing has waived its exclusive music license with international record labels and fined the company as it continues to crack down on domestic internet giants.
On Saturday, the State Administration of Market Regulations (SAMR) fined the company 500,000 yuan ($ 77,141) for violating regulations in its 2016 acquisition of China Music.
In response, Tencent said it would comply with regulatory decisions, “comply with all regulatory requirements, fulfill its social responsibilities and contribute to healthy competition in the market.”
That’s because Beijing continues to crack down on domestic tech companies that have grown into some of the world’s most valuable companies. The crackdown in the last few months AntGroup’s $ 34.5 billion IPO suspension last year, Alibaba’s $ 2.8 billion antitrust fine..
In April, SAMR summoned 34 companies, including Tencent and ByteDance, and ordered them to conduct self-inspections to comply with antitrust rules.
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Antitrust regulators have ordered Tencent Music to waive its rights to music labels
Source link Antitrust regulators have ordered Tencent Music to waive its rights to music labels