Tencent Music shares fell 1.5% in premarket trading.
Tiger Newspress2021-07-12
Tencent Music shares fell 1.5% in premarket trading.
Chinese regulators are set to order Tencent Holdings Ltd. to give up exclusive rights to music labels, Reuters reported, citing people with knowledge of the matter.
Tencent Music has long held a commanding lead in Chinese music through exclusive rights to a major chunk of Universal Music Group, Sony Music Entertainment and Warner Music Group Corp.’s catalogs, which it then sublicenses to smaller platforms including those operated by NetEase, Alibaba and Xiaomi Corp. That dominance was weakened when NetEase struck deals to directly license songs from Universal and Sony.
The regulator on Saturday blocked Huya Inc.’s proposal to acquire rival DouYu International Holdings Ltd., killing a deal that would have helped cement Tencent’s lead in video game-streaming.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
