Diversified conglomerate HNA Group has agreed to invest RMB1.2bn ($185m) in online sports streaming platform Le Sports as part of a series B round that could reach $1.08bn, according to a regulatory filing.
HNA will provide half the funding through a fund advised by its HNA Capital unit, and half through its travel agency subsidiary, HNA-Caissa Travel. It will hold a 5.9% share in Le Sports once the round is closed.
Le Sports, formerly known as LeTV Sports, operates as an offshoot of online video and electronics firm LeTV Holdings, and its core activities revolve around streaming sporting events to Chinese customers, though it has diversified into a more general sports media business.
News of the funding follows reports last month that Le Sports had raised $460m for the round.
The company’s operating income during 2015 was approximately $64m. It recently acquired the broadcasting rights to Chinese Super League football and the English FA Cup, after earlier securing the Chinese rights to Major League Baseball.
Le Sports previously raised $129m at a $450m valuation from investors including conglomerate Dalian Wanda Group, Yunfeng Capital and Prometheus Capital in May 2015.