Tencent gives up Epic Games board seats after US antitrust scrutiny

Quick Summary:

China’s most valuable company owns Riot Games, a rival to Epic, in which it also has a minority stake, and its board seats in both possibly violated US law.

The Department of Justice said it has amped up enforcement and oversight of potential violations of Section 8 of the Clayton Act, which prohibits directors from serving on the boards of competing companies such as Epic and Riot Games, the latter being the creator of multiplayer online games like League of Legends.“Scrutiny around interlocking directorates continues to be an enforcement priority for the Antitrust Division,” Deputy Director of Civil Enforcement Miriam Vishio said in the DOJ’s statement.“Our increased enforcement around Section 8 over the last few years has achieved substantial results.

Tencent relinquished the seats as well as its unilateral right to appoint directors or observers, according to the statement.

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Article Details

Author / Journalist: Bloomberg

Category: Technology

Markets: Hong KongChina

Topics: Games Violations Tencent Riot Directors Epic Justice Statement Antitrust Enforcement Department

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-19 @ 15:13:45 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 284 words

Reading Time: 2 minutes read

Sentences: 9 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 24545521

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