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Tencent Closes Game Streaming Site After Beijing Blocks Merger

Gaming World Highlights At Gamescom 2018
Photographer: Krisztian Bocsi/Bloomberg

Tencent Holdings Ltd. announced it will shut down its game streaming service, more than a year after Beijing blocked its effort to create China’s equivalent of Inc.’s Twitch through a merger.

The streaming platform, called Penguin Esports, will terminate all services on June 7, after having already suspended new user registrations and in-app purchases, Tencent said in a statement Thursday. The company cited a shift in business strategy for the shutdown and said it will compensate users by giving away digital coupons in games like League of Legends, which is operated by Tencent-owned Riot Games Inc.