- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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