China: LeTV, the biggest online video company in the country, wants to raise €1.1bn

LeTV, the Chinese technology company which notably offers a live streaming service as well as video on-demand content, announced the issuing of 200 million new shares in order to raise $1.2bn (€1.1bn) so it can "finance new projects," on 28/05/2015. In football, LeTV's rights portfolio notably includes Ligue 1, the Barclays Premier League, the Liga BBVA and the Serie A TIM in China.

A first capital increase of $650m, announced in August 2014, had not been approved by the Chinese authorities. Yueting Jia, the chairman of LeTV, will reduce his stake from 44% to 8%, according to the announcement, paving the way for a restructuring of the Chinese online video market, according to several commentators.

• LeTV is the top company for online video in the Chinese market.
• The company also sells its own smartphones and smart TVs.
• The company is listed on the Shenzhen Stock Exchange (ChiNext).
• LeTV plans to double its turnover ($1.6bn in 2014) in 2015.
• In addition to its football broadcasts, LeTV also broadcasts the NBA National Basketball Association, the North American professional…