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Source Says Letv Sports Website Valued At $450 Million After Funding

A source said that Leshi Internet Information & Technology Corp.’s sports affiliate "completed a round of funding that valued the video-streaming business" at about $450M, according to Lulu Yilun Chen of BLOOMBERG. Letv Sports Culture Develop (Beijing) Co. raised more than $100M to fund the purchasing of more content, said the person, "who asked not to be identified because the matter is private." The source said that Leshi Internet "will hold a minority stake in the company." Letv has evolved from a Web page on Leshi’s platform in '12 "to a separate entity streaming live sporting events." The broadcaster "is competing with Tencent Holdings Ltd. and Alibaba Group Holding Ltd. to win users" and has shown NBA and NCAA basketball games (BLOOMBERG, 5/4).

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