LeTV Sports, the China-based online sports streaming affiliate of media and electronics conglomerate Le Holdings, has raised $460m in series B funding, China Money Network reported today, citing an article in Caixin.
Investors in the round, which is set to be announced formally next week, include media company Ti’ao Power. It follows a report in China Daily stating the round would be sized at up to $1bn.
LeTV Sports operates as a direct subsidiary of Le Holdings subsidiary Leshi Internet, and streams sporting events over the internet. It acquired the three-year Chinese broadcasting rights to Major League Baseball last month.
Ti’ao made its investment in conjunction with a deal to sell the new media rights to China’s football league, Chinese Super League, over the next two years to LeTV for RMB2bn ($307m). Ti’ao paid RMB8bn for the full four-year rights to the league in September 2015.
The series B funding follows a series A round in May 2015 that eventually closed at $129m, and which valued LeTV Sports at $450m.
The series A funding came from conglomerate Dalian Wanda Group, private equity firms Yunfeng Capital and Prometheus Capital, and undisclosed additional investors.