Tencent Relinquishes Epic Games Board Seats on Antitrust Concern

Tencent Holdings Ltd. removed two directors it appointed to the board of Epic Games Inc. after the US Justice Department deemed the positions a violation of antitrust laws.

China’s most valuable company owns both a minority stake in Epic and a direct competitor in its Riot Games Inc. subsidiary, giving rise to concern about antitrust violations, the DOJ said in a statement Wednesday. Tencent relinquished the seats as well as its unilateral right to appoint directors or observers, according to the statement.

The two directors stepping down are David Wallerstein and Ben Feder, Epic Games said in an email. Wallerstein ...