SportAccord Summit 2024 Logo Unveiled
29 Nov 2023 19:09
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
Related coverage
08 Jun 2016
Chinese businessman eyes Newcastle Jets
26 Jan 2016
A Beijing soccer company recruits former Chinese star
02 Nov 2015
Tour of Guangxi 2017 welcomes online cycling partner
18 Sep 2017
Atletico Madrid set to announce summer tour of China
05 Mar 2015
More from Yutang Sports
Yutang Sports
loading...