Tencent Relinquishes Epic Games Board Seats on Antitrust Concern [Yahoo! Finance Canada]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance Canada
board of Epic Games Inc. after the US Justice Department deemed the positions a violation of antitrust laws. Most Read from Bloomberg China's most valuable company owns both a minority stake in Epic and a direct competitor in its Riot Games Inc. subsidiary, giving rise to concern about antitrust violations, the DOJ said in a statement Wednesday. Tencent relinquished the seats as well as its unilateral right to appoint directors or observers, according to the statement. The two directors stepping down are David Wallerstein and Ben Feder, Epic Games said in an email. Wallerstein was a longtime Tencent executive before taking on an advisory role this year, while Feder is managing partner of Tirta Ventures. Epic Games is one of the gaming industry's key companies, producing the Unreal Engine that's widely used for building advanced 3D graphics and in-game physics. It's also the creator of Fortnite, Rocket League and other globally popular games, and it has a PC game distribution p
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