[Global Science and Technology Report] According to a report by Reuters on April 20th, LeTV is negotiating the sale of the Shimao Industrial Co., Ltd., which it purchased in 2016 for US$420 million, or partially or completely sold. The sale of real estate is a financial issue that has occurred in the process of its transformation. The negotiations have continued for several weeks.
Letv hopes to sell up to 50,000 square meters of Beijing Fortune Time in Sanlitun, as well as Beijing Baiding New Century Enterprise Management Co., Ltd. and Shimao Gongsan, which it purchased last May.
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LeTV's current business scope ranges from electric cars to smart phones, and at the same time, LeTV is also very bold in investing in the US market, and is preparing to invest in Tesla, a high-end electric vehicle giant. However, LeTV CEO Jia Yueting acknowledged in November last year that the large-scale expansion of LeTV caused a "big company disease," resulting in LeSport being facing serious cash flow problems.
In February of this year, LeTV Sports lost the right to broadcast the Asian Football Federation and then delayed its payment period. LeTV is currently strengthening the management of its investment business. It wants to sell its industry in the United States and buy US television maker Vizio for $2 billion.
LeTV is also embroiled in the storm of misappropriating funds that are easy to reach 1.3 billion. This week, Zhou Hang, the founder of Easy Access, has already left the car management software management post, and he will sued LeEco to misappropriate 1.3 billion Yuan of funds to fill the gap in the smart phone business. Then LeTV denied this accusation. When Reuters contacted LeTV, it did not receive any relevant arguments for the fund adjustment.
Previously, LeTV has been involved in many areas, from sports licenses to taxi software, and even smart phones and home appliances. Some people claimed that the sale of Beijing Real Estate was an important clue for LeSound to rationalize its core business lines. It can be allowed to go back to smart phones, TVs, LeTV Sports and other major businesses.
In addition, LeTV also made layoffs in China, the United States, and India, and local Russian media also said that its business in Russia is also declining.
LeTV regarded an anonymous source as saying that LeTV will continue its internationalization but will be more restrained. LeTV CEO also said that the company's business will be concentrated on the main business ─ ─ LeTV, the main entertainment network as the information technology platform, and will step up integration of other businesses. (Internship Compilation: Cheng Huimin Reviewer: Li Zongze)
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