Le Sports reportedly raise $1 bn in new funding

Le Sports, the sports arm of China's leading online video provider LeEco, has received funding of $1 billion in its series B financing round, a media report said on Monday.

The series B funding is the biggest investment so far in China's sports entertainment industry, Chinese technology news portal tech.sina.com.cn reported.

A press conference will be held next week by Le Sports to announce the completion of the financing, and other details such as the identity of the investors are expected to be disclosed at that time, the report said, citing sources close to the matter.

LeEco declined to comment on the report, but analysts said they expect Le Sports to continue spending heavily on media rights for sports events with the new funding. As a result of the series B funding, Le Sports' valuation has been boosted to $4 billion.

Source:ecns.cn