Magazine article Screen International

LeEco Closes $2.2Bn in Funding; Acquires le Young Pictures

Magazine article Screen International

LeEco Closes $2.2Bn in Funding; Acquires le Young Pictures

Article excerpt

Tech company has entered the North America and India markets as part of expansion strategy.

Recently cash-strapped Chinese tech giant LeEco has managed to secure a $2.2bn cash injection, some of which it will use to acquire a 47.8% stake in production company Le Young Pictures.

The funding, first announced in January but now completed, came from investors including property developer Sunac China Holdings and its subsidiary Tianjin Jiarui Huixin Corporate Management Company.

The capital injection, which will be used to keep the tech company's entertainment businesses afloat, will be distributed among Leshi Internet Information, Leshi Zhixin and Le Vision Pictures.

The Shenzhen-listed company has struggled with liquidity in recent months due to a rapid expansion strategy that included entering both the North America and India markets, with content production, streaming services and even the electric vehicles business in the US.

According to recent reports, LeEco is having a hard time closing its $2bn acquisition of US smart TV manufacturer Vizio and plans to sell its 49-acre property in Silicon Valley, which it acquired from Yahoo last year for $250m. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.