The companies also agreed to launch a new joint venture record label, leveraging Warner Music's global resources and experience in supporting artists’ careers, as well as TME’s massive influence in mainland China’s music and entertainment market.
While Tencent became a 20% owner of Warner competitor Universal Music Group late last year, it and Warner have been working together since their original agreement more than a decade ago.
We have shared the same passion and vision by closely collaborating on copyright protection, and empowering and protecting artists and their work, while unlocking the intrinsic value of music.”  Cussion Pang, Chief Executive Officer of TME, said, “TME and Warner Music have maintained a strong strategic partnership with deep mutual trust for a long time.
TC Pan, TME’s Group Vice President of Content Cooperation, added, “Going forward, with our joint exploration of the emerging music market for designated connected devices in mainland China, we will further optimize value in recorded music distribution.”
Tencent Music Entertainment Group, part of the massive China-based Tencent media company, and Warner Music have announced an expanded multi-year strategic licensing agreement that will also see the companies collaborating on a new joint venture record label.
“We’ve developed a great relationship since we started working together more than 10 years ago, based on mutual trust, and have worked together to open new opportunities for artists to engage with fans on a huge scale.” “TME is a true innovator,” said Oana Ruxandra, WMG’s EVP of business development and chief digital officer.
 As part of the expanded agreement, TME will continue to make Warner Music’s repertoire available across all its online music platforms in mainland China, including QQ Music, Kugou Music and Kuwo Music, as well as its live streaming platforms and WeSing, its online karaoke platform. In addition, Warner Music’s repertoire will also be made available, via TME’s online music platforms, on certain designated connected devices, such as in-car audio systems, in mainland China.
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“Our collaboration with TME has already delivered tremendous results for local and international artists, and now we’re opening up even more opportunities together,” said Simon Robson, Warner’s president of international recorded music. “Alongside our increased investment in A&R and marketing in Greater China, this renewed and expanded partnership means we can help make our artists impossible to ignore in one of the world’s fastest-expanding music markets.”

Reached for comment by Variety, Bandier said via a rep, "I think it's great"; a rep for Sony/ATV had no comment.
Universal Music said it would do the same but has not yet sold any of its Spotify equity; Warner Music shared its profits with artists and labels, but in many cases put the money toward unrecouped balances.” /> The move is in line with Sony Music’s announcement last year that it would share its profits from the $768 million sale of 50% of its Spotify equity with artists and distributed labels, and would not put that money toward compensation for unrecouped balances.
Sources tell Variety that the move came after considerable backlash from employees excluded from the bonus — particularly women — who complained that Bandier only rewarded his close-knit team. Sources also said staffers are wondering who will determine how much each employee will receive, as Platt was not involved in the EMI sale and thus has little first-hand knowledge of each staffers’ contribution.
Music Business Worldwide today not only published that report, citing several unnamed sources, it also says that new CEO Jon Platt, whose first official day in the job was Monday, sent a memo to the staff saying that all of the company’s employees will be “rewarded for their contribution” to the EMI deal, which began in 2012 when Sony/ATV acquired 30% of the company.
“I believe it’s very important, and senior [Sony] management in Tokyo agrees, that all Sony/ATV employees should be rewarded for their contribution,” wrote Platt in the memo, obtained by MBW. “I’ve decided, with support from Tokyo, to grant a special one-time supplemental bonus to each member of the Sony/ATV team in recognition of this achievement,” the memo reads in part, according to MBW.
When Sony/ATV’s $2.3 billion takeover of EMI Music Publishing closed last fall, it was rumored that approximately $200 million in bonus compensation was divided between 10 to 12 top executives, with as much as 50% going to chairman/CEO Martin Bandier, who stepped down from his post last week.
A different source tells Variety that the new bonuses will not be coming out of the $200 million, but rather from a new fund established by Sony Corp.
Platt told his “incredible team” that he would be sharing further details about the “EMI Special Recognition Bonus” in the coming weeks.