LETV and TCL Group said yesterday that they will cooperate on smart TV business following the former's 1.88 billion yuan ($291 million) investment in the latter's subsidiary in Hong Kong.
Both sides will seek opportunities for a "living room economy," referring to smart TV and related business.
Letv will be able to tap TCL's hardware and supply chain while TCL users are able to access Letv's online video content and cloud services, according to Letv's Chief Executive Jia Yueting and TCL Group's Chairman Li Dongsheng.
Letv said on Friday that it invested 1.88 billion yuan for 20 percent of TCL Multimedia Technology, a Hong Kong-listed subsidiary of TCL Group.
As the third-largest TV maker after Samsung and LG globally, TCL has chip and LCD panel plants to make TVs.
Letv, which is listed on the Chi-Next growth-enterprise market in Shenzhen, offers users online video and smart TV services.
