IMPALA is to formally oppose the proposed investment by Tencent Holdings in UMG, Music Week can reveal.

The decision was taken at the European independent labels trade body’s board meeting this month, amid growing concerns about the impact on competition in the streaming market.

IMPALA executive chair Helen Smith said: “Even at a low level of shareholding, we believe the risk of harm for consumers and competitors from such a transaction would be a concern because of the impact in ...