Since Jia Yueting moved to the United States, his return to China has remained uncertain, and the unlisted entities under his control, such as LeTV, have faced ongoing controversies. On September 12, rumors began circulating that the public relations team of Lexus Holdings had been collectively dismissed. The same day, a reporter reached out to LeTV for confirmation. Cheng Shisheng, vice president of public relations at LeTV, denied the report, stating it was entirely inaccurate.
As part of Jia Yueting’s restructuring efforts, the non-listed system of LeTV has undergone significant changes. Meanwhile, the listed entity, now rebranded as New LeTV, has clearly defined its positioning as a company focused on home internet entertainment and consumer services. LeTV CEO Liang Jun emphasized this new direction during a recent statement.
LeTV’s top management meets with Jia Yueting on a weekly basis to address financial challenges and discuss debt solutions. Recently, it was reported that the PR team at Levision had been disbanded about a month ago, with some members transferred to LeTV. In response, Cheng Shisheng said, “There was a meeting where my team was dissolved. People are still in place, and responsibilities remain.â€
He further explained that after the capital crisis, the non-listed business units, including LeTV and LeTV Mobile, underwent adjustments under the holding company's guidance. This included consolidating and reducing the PR teams. Although some employees left during this period, he assured that the current PR system remains functional and covers all essential areas, such as brand communication, video, social media, and word-of-mouth marketing.
Cheng also clarified that Levision’s PR team has never been dissolved, despite previous reports. He added that while the company faces financial difficulties, its assets exceed its debts, and it is actively working on selling non-listed assets to manage its obligations.
It was also reported that LeTV Holdings and LeTV Mobile were listed as defaulting companies by the Tianjin No. 2 Intermediate People’s Court, citing their inability to fulfill legal obligations. However, Cheng maintained that the company has the capacity to settle all debts.
Jia Yueting has shifted focus toward the automotive sector, which is now considered his primary business. In the U.S., he and Sun Hongbin reached an agreement regarding LeTV’s television operations. During Jia’s leadership, LeTV was divided into seven sub-ecosystems, each managed by different leaders.
Now, after integrating the unlisted system and the automotive division, LeTV is focusing on its car business. While the issues within the unlisted system are still being resolved, the PR team will continue to play a key role.
Industry observers believe that the PR team integration is just the beginning. Jia Yueting is likely to continue restructuring and streamlining operations to reduce costs and concentrate resources on the automotive sector.
Meanwhile, the listed entity, New LeTV, led by Sun Hongbin, has accelerated its operations. After refocusing on TV as its core business, it has launched new initiatives to regain market traction. On September 12, Liang Jun announced that New LeTV aims to provide home internet entertainment and consumer services.
The company has streamlined its core businesses to four main areas: LeTV, LeTV, LeTV, and LeTV. It has also set a new strategic direction centered on big screens, self-control, and ecological openness, along with appointing new leadership for key departments.
Earlier, LeTV introduced the 919 Super TV Day, which disrupted the traditional TV market. Now, the company is reviving the concept with a new approach, emphasizing personalization and collaboration with partners like LePar.
Liang Jun stated that this initiative is a crucial step in transforming LeTV and helping LePar transition into a new retail model. He acknowledged the challenges the company faces but expressed confidence in its ability to overcome them.
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