By David Owen
October 19 – Letv Sports & Technology, the Chinese business that last month won exclusive live broadcasting rights for the Premier League in Hong Kong for three seasons from 2016-17, is to rebrand.
Interviewed at Sportel in Monaco, Yu Hang, vice president strategy, said the company would be known as LeSports, in keeping with the existing Letv website, www.lesports.com.
Yu indicated that launch of the new identity is likely to come next month, when the company – which styles itself “the unicorn company in the Chinese sports market”, a “unicorn” being a business that achieves a valuation of $1 billion before its initial public offering (IPO) – expects to try to raise $500 million in a new fundraising. He said the company had raised around RMB1 billion, or some $150 million, in April.
Yu said the Letv management team currently owns around 21% of the company, while the biggest outside investors are Alibaba and Wanda with about 10% each.
It has been reported that Letv paid $400 million for its Premier League rights in Hong Kong. However, Yu told an audience at Sportel: “The media reports weren’t accurate. We didn’t pay that much, to be honest.”
Contact the writer of this story at moc.l1734919120labto1734919120ofdlr1734919120owedi1734919120sni@n1734919120ewo.d1734919120ivad1734919120