Marbridge Daily is reporting that Innovation Works will be investing in LeTV’s television business, citing the incubator's founder Kai-fu Lee as its source. This news comes just shortly after LeTV announced plans to make a smart TV device called the ‘LeTV Super TV.’
At that time, the company’s vice president noted that in contrast to regular television makers, their Super TV will be able to make money from things like content, apps, and advertising. Marbridge adds:
The product manufacturing rights for the “LeTV Super TV” have already been transferred to a separate OEM. LeTV has undertaken a commitment to invest between RMB 500 million ($79 million) and RMB 1.5 billion ($238 million) into television manufacturing and development [1].
If such a television were to take hold in China, one would think it would bode well for online video companies, most notably for Youku/Tudou as the most dominant player in that space.
Astute readers may recall that earlier this summer LeTV was also active in launching an internet TV box, the LeTV T1, a device that looks an awful lot like an Apple TV.
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Currency conversion is mine. ↩