Tencent Music acknowledges facing higher regulatory scrutiny

Tencent Music was told by Chinese regulators to pay a fine, give up exclusive music rights and sell some music assets.

Tencent Music Entertainment Group confirmed on Tuesday it is facing heightened scrutiny from Chinese regulators, adding it was “actively cooperating” 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.