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Tencent Music says facing heightened China scrutiny, is committed to laws


Tencent Music says facing heightened China scrutiny, is committed to laws
REUTERS/Bryan R Smith
May 18, 2021
Tencent Music Entertainment Group confirmed on Tuesday it is facing heightened scrutiny from Chinese regulators, adding it was “actively co-operating” with them and is committed to complying with all laws “including those related to anti-trust”.
This is the first time the Tencent group has publicly commented on the matter.
Reuters reported last month that Tencent Holdings, which controls music streaming company Tencent Music, was told by Chinese anti-trust regulators to pay a fine, give up exclusive music rights and sell some of its music assets. Tencent did not comment then. ....

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Tencent Music acknowledges facing higher regulatory scrutiny


This is the first time the Tencent group has publicly commented on the matter.
Reuters reported last month that Tencent Holdings, which controls music streaming company Tencent Music, was told by Chinese anti-trust regulators to pay a fine, give up exclusive music rights and sell some of its music assets. Tencent did not comment then.
The action against Tencent came amid a sweeping anti-trust clampdown by China on its internet giants.
“In recent months, we have received increased regulatory scrutiny from relevant authorities, and have been actively cooperating and communicating with the relevant regulators,” Tony Yip, chief strategy officer of Tencent Music, told an earnings conference call. ....

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Tencent Music says facing increased China scrutiny, is committed to laws


TechnologyTencent Music says facing increased China scrutiny, is committed to laws
Reuters
3 minute read
The logo of China s Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration
Tencent Music Entertainment Group (TME.N) confirmed on Tuesday it is facing heightened scrutiny from Chinese regulators, adding it was “actively co-operating” with them and is committed to complying with all laws “including those related to anti-trust”.
This is the first time the Tencent group has publicly commented on the matter.
Reuters reported last month that Tencent Holdings (0700.HK), which controls music streaming company Tencent Music, was told by Chinese anti-trust regulators to pay a fine, give up exclusive music rights and sell some of its music assets. Tencent did not comment then. ....

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Tencent Music admits to facing higher regulatory scrutiny business and economic news


Tencent Music admits to facing higher regulatory scrutiny business and economic news
Chinese regulators require Tencent Music to pay fines, give up proprietary music rights and sell some music assets.
Tencent Music Entertainment Group (Tencent Music Entertainment Group) confirmed on Tuesday that it is under strict scrutiny by Chinese regulators, adding that it is “actively cooperating” with them and is committed to complying with all laws “including antitrust laws” .
This is the first time Tencent Group has made public comments on the matter.
Reuters reported last month that Chinese antitrust regulators have notified Tencent Holdings, which controls music streaming company Tencent Music, to pay fines, give up exclusive music rights and sell some of its music assets. Tencent did not comment at the time. ....

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Business and Economics News acknowledges that Tencent Music has more regulatory scrutiny

Business and Economics News acknowledges that Tencent Music has more regulatory scrutiny
wiredprnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wiredprnews.com Daily Mail and Mail on Sunday newspapers.

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