Big Law
Tencent Shuts Down Its Twitch Competitor After China Blocks a $6 Billion Gaming Merger
Tencent is shutting down its video game streaming platform months after Beijing shut down a huge merger that would have made the Chinese internet giant a major player in the area.
The service Penguin Esports will shut down from June 7, Tencent said, citing a change of business strategy.
Like Amazon’s Twitch, Tencent’s Penguin Esports hosts livestreams of professional gaming tournaments and other video game-related content. Tencent is one of the world’s largest online gaming players and is aggressively pushing into the area of professional gaming, also known as e-sports, for a potential new revenue stream.
