Beijing ordered Tencent Holdings Ltd. to relinquish all their exclusive global music licensing deals within 30 days and fined the firm RMB 500,000 ($77,175) for anti-competitive practices, according to an executive punishmentpublished Saturday by the State Administration for Market Regulation, reported Caixin.
It comes after an official probe of Tencent’s 2016 purchase of a major stake of China Music Corp. concluded this week that the deal breached China’s Anti-Monopoly Law, given it helped the tech giant net rights to 80% of exclusive music licensed in China.