Sina Tech, 1/24/17
Chinese internet and mobile services firm Tencent (0700.HK) has announced the merger of its QQ Music business with digital music copyright redistributor China Music Corporation. The newly formed music group, called Tencent Music Entertainment Group (TME), has already completed integration of platform business, restructuring, and staff changes.
Tencent said in July last year that it would acquire a controlling stake in China Music Corp, which operates the KuGou and Kuwo online music platforms.
TME will establish six main business lines: KuGou Music, QQ Music, Kuwo Music, Music Financing, Copyright Management, and Legal Affairs, which will respectively manage development and operations for each music product and the relevant management of the entire group.
China Music Corporation's joint CEOs Xie Zhenyu and Xie Guomin will serve as joint presidents of TME, and Tencent VP Peng Jiaxin will serve as CEO.
Editor's Note: For more information on this topic, please see "Tencent Appoints Hu Min as Tencent Music CFO," MD 12/26/16 and "Update: Tencent Acquires Controlling Stake in China Music Corp," MD 7/15/16 issues.