Wanda rumored to be involved in 100m fund raising of Letv Sports

‍‍‍‍Some Beijing media and Bloomberg reported that Letv Sports has completed a new round of fund raising, and Wanda Group may have participated in the investment. 

The company is reported to be worth an estimated 450 million dollars now. 

Some insiders said that Letv Sports raised 100 million dollars in this round which would be used to buy more rights. Letv’s share in the company has decreased again to 15 percent, according to an announcement released on its website on 4 May. Letv Sports will not be a branch company of Letv, but an affiliated company. 

Letv Sports and Letv have not commented on the fund raising or Wanda’s involvement. 

Letv Sports has been heavily investing in sports online streaming since last year. They have purchased rights of many important events, competing with Tencent and Alibaba for audiences by providing online streaming of NBA and NCAA matches. 

The fight between Mayweather and Pacquiao on last Saturday was also live broadcast by Letv Sports. 

Source: ifeng