Tencent Directors to Leave Epic Games

Tencent Directors to Leave Epic Games

Business

20 December 2024 16:10

Two Tencent directors have stepped down from Epic Games' board of directors following concerns raised by the US Justice Department regarding their positions.

According to a statement on the US Justice Department's website, the department argued that the appointments of these directors to both Epic and Tencent's boards violated Section 8 of the Clayton Act. This antitrust law is designed to protect consumers from practices that could be harmful. The law prohibits individuals from serving on the boards of competing companies, such as Epic and Riot.

More:Sonic Musician Sues SEGA

As a result, Tencent has revised its shareholder agreement with Epic, relinquishing its unilateral right to appoint directors or observers on Epic’s board, as Tencent holds a minority stake in the company and is also the parent of Epic’s competitor, Riot Games.

"Scrutiny around interlocking directorates continues to be an enforcement priority for the Antitrust Division," said Miriam R. Vishio, the department's deputy director of civil enforcement. "Due to the hard work of our tremendous staff, our increased enforcement around Section 8 over the last few years has achieved substantial results and become part of our fabric."

Tags: Tencent

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Tencent Directors to Leave Epic Games

Business

20 December 2024 16:10

Tags: Tencent

Two Tencent directors have stepped down from Epic Games' board of directors following concerns raised by the US Justice Department regarding their positions.

According to a statement on the US Justice Department's website, the department argued that the appointments of these directors to both Epic and Tencent's boards violated Section 8 of the Clayton Act. This antitrust law is designed to protect consumers from practices that could be harmful. The law prohibits individuals from serving on the boards of competing companies, such as Epic and Riot.

More:Sonic Musician Sues SEGA

As a result, Tencent has revised its shareholder agreement with Epic, relinquishing its unilateral right to appoint directors or observers on Epic’s board, as Tencent holds a minority stake in the company and is also the parent of Epic’s competitor, Riot Games.

"Scrutiny around interlocking directorates continues to be an enforcement priority for the Antitrust Division," said Miriam R. Vishio, the department's deputy director of civil enforcement. "Due to the hard work of our tremendous staff, our increased enforcement around Section 8 over the last few years has achieved substantial results and become part of our fabric."

Share:

Sources:

Report mistake   

Submit news   

Related news

View All

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Mar 28, 2025

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Jan 08, 2025

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