Leshi Internet Information & Technology Corp.’s sports affiliate completed a round of funding that valued the video-streaming business at about $450 million, according to a person with direct knowledge of the matter.
Letv Sports Culture Develop (Beijing) Co. raised more than $100 million to fund the purchasing of more content, said the person, who asked not to be identified because the matter is private. Leshi Internet will hold a minority stake in the company, the person said.
Letv has evolved from a Web page on Leshi’s platform in 2012 to a separate entity streaming live sporting events, including Saturday’s boxing match between Floyd Mayweather and Manny Pacquiao. The broadcaster is competing with Tencent Holdings Ltd. and Alibaba Group Holding Ltd. to win users and has shown NBA and NCAA basketball games.
Shenzhen-listed Leshi Internet and Letv Sports declined to comment in an e-mailed statement.
Le Holdings (Beijing) Co. will retain a controlling stake in Letv Sports, the person said. Le Holdings has interests including TV sets, mobile devices and e-commerce. It also is developing electric cars, the company said in December.