LeTV sets up $780m fund with partner

LeTV Sports, a unit of China's major online video company LeTV Holdings Co Ltd, is setting up a 5 billion yuan ($780 million) fund in partnership with Beijing Bird's Nest Culture & Creative Center to focus on sports industry projects.

The Bird's Nest-LeTV Sports Cultural Industry Fund will particularly help startups that work on ways of integrating traditional sports with activities falling under the government's flagship Internet Plus strategy.

LeTV Sports is believed to have the copyright to more than 10,000 events, while the Bird's Nest Center has organized about 200 conferences, workshops and exhibitions related to sports, creating a strong joint platform from which to incubate new startups and sports projects.