With its 2016 acquisition of China Music Corp., Tencent was poised to dominate China's music streaming business — until Beijing stepped in.
Tencent Music Entertainment executives at the New York Stock Exchange for the company's IPO, December 2018. Credit: Mark Lennihan/AP Photo
Last month, China’s market regulator barred the technology giant Tencent from holding exclusive music streaming rights and fined the company for anti-competitive behavior.
The announcement was a major setback for Tencent, which in 2016 had acquired a controlling stake in the China Music CorporationCMC was backed by Spotify, EMI, Sony and a state-backed government fund called China Investment Corporation Financial Holdings, or CICFH, according to SEC filings and merged it with its own music
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