Chinese media moguls Jack Ma and Wang Jianlin "are backing new sports rights venture LeTV Sports" in a $129M funding round, according to Patrick Frater of VARIETY. Ma "is the founder and chairman of Chinese e-commerce giant Alibaba." Wang "is the founder of property to entertainment group Wanda." LeTV Sports, a spinoff from online video firm LeShi Internet Information, "handles broadcast and media rights to 120 events in 12 sports categories and has 4,000 matches for live broadcast." The company "is also involved in program production." Events include Champions Cup and football’s China Women’s Super League (VARIETY, 5/13). REUTERS' Carsten, Miller & Jourdan wrote Yunfeng Capital, a private equity company established by Ma, as well as Wanda Investment, a firm controlled by Wang, the chairman of Dalian Wanda Commercial Properties Co Ltd., "were the lead investors." The investment "is the latest into sports for both Ma and Wang, two of China's wealthiest businessmen." The sector "has seen a boom in private investment after receiving vocal support from Chinese President Xi Jinping." Venture capital firm Fortune Link President Kan Zhidong said, "With the favorable policies from the government and outstanding executive team of LeTV Sports, it is natural for us to invest in companies like LeTV Sports" (REUTERS, 5/13). BUSINESS FINANCE NEWS' Henry Williams wrote LeTV Sports "is one of the emerging sports and entertainment channels in China." It "covers a wide range of sports including football, tennis, basketball etc." Alibaba and Wanda Group "are not new entrants in the sports industry." Last year, Alibaba spent $1.2B Yuan ($192M) to purchase a 50% share in Chinese Super League side Guangzhou Evergrande. Similarly, Wanda also spent €1.05B ($1.18B) to purchase Infront Sports & Media AG (BUSINESS FINANCE NEWS, 5/13).
MLS DEAL: Major League Soccer on Thursday announced that it signed a partnership with Chinese digital sports broadcast platform LeTV to provide live coverage of league matches in mainland China. The platform will stream live at least two MLS regular-season matches each week on its online services, as well as the MLS All-Star Game, all MLS Cup Playoffs games and MLS Cup. It will also show highlights, player features and other MLS-related content on its digital platforms. MLS’ media rights agent IMG, which has negotiated deals for the league in the U.K., Europe, Brazil and the Middle East and North Africa, brokered the deal (Ian Thomas, SPORTS BUSINESS DAILY).
