Tencent Rises on China Distribution Deal With Warner
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Tencent Holdings Ltd.’s American depositary receipts rose to a 10-week high after the Chinese Internet company said it signed a distribution deal with Warner Music Group.
The stock rallied 3 percent to $16.63 yesterday in New York, the highest since Sept. 5. The agreement, which the companies said is the first master-distribution partnership between a major music company and a leading Internet provider in mainland China, will allow Web users to to stream licensed music from artists including Linkin Park, Bruno Mars and Coldplay.