Following a probe by the US Department of Justice (DOJ) into antitrust laws, Tencent has removed two of its directors from the board of Epic Games. The Chinese tech and entertainment giant faced scrutiny as the DOJ identified that these board members violated Section 8 of the Clayton Act, which prevents individuals from serving on the boards of two competing companies—Epic and Tencent, in this case.
Consequently, Tencent has adjusted its shareholder agreement with Epic Games, relinquishing its right to appoint directors to the board of the company known for Fortnite. This move comes in light of the DOJ’s findings and the broader regulatory landscape.
Miriam R. Vishio, who serves as deputy director for civil enforcement at the DOJ’s antitrust division, highlighted the ongoing focus on interlocking directorates. “The close watch on these kinds of board overlaps remains a key priority for our Antitrust Division,” she explained. She commended the dedication of the DOJ staff, emphasizing the significant strides made in enforcing Section 8 in recent years. “Their hard work has led to considerable victories, and this effort is now deeply embedded in our operation,” Vishio stated.
