Benzinga | Aug 31, 2021 12:34PM EDT

Tencent Terminates Exclusive Music Copyright Agreements Post Government Crackdown: Reuters

* Tencent Holdings Ltd (OTC:TCEHY) has ended all exclusive music copyright agreements after Chinese regulators barred it from such deals last month, Reuters reports from the gaming company's WeChat account.

* The State Administration Of Market Regulation recently ordered Tencent Music Entertainment Group (NYSE:TME) to surrender its exclusive rights to music labels, penalizing the company.

* Tencent reportedly held over 80% of the exclusive music library resources, which fueled anticompetitive concerns.

* Price Action: TCEHY shares traded higher by 5.3% at $61.4, and TME shares traded higher by 2.64% at $8.74 on the last check Tuesday.