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LeEco is currently tackling a cash crunch, caused by its
aggressive expansion, by restructuring its operations and
cutting jobs.
The unit, LeSports, a sports content platform, did not disclose
the amount of funding in the latest round.
The group had said in April last year that LeSports raised $1.2
billion in a funding round led by HNA Capital, part of China's
HNA Group.
Investors, including HNA Capital, will form a new steering
committee for strategic decisions, daily oversight and financial
supervision, according to a statement on LeSports' website.
LeEco stretched from video streaming to TV sets, smartphones,
sports and even electric vehicles in a little over a decade,
although this rapid expansion spurred a cash shortfall last year
that left the company scrambling for new funds.
Shareholder representative Chen Chen said there existed a
"chronic illness" typical of new economy internet firms under
the previous LeSports administrative structure but the committee
will ensure the company grows at a stable but rapid pace and
avoids risk, according to the statement.
LeSports would continue to acquire the rights to new content but
would take a more balanced approach, the statement said.
(Reporting by Jake Spring and Adam Jourdan; Editing by
Muralikumar Anantharaman)
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