[World Wide Web Reporter Lindy] According to the "Economic Times" report, Indian media company Madison Media Group (Madison Media) and international advertising company Leo Burnett (Leo Burnett) recently took LeTV to court because of music Failed to pay the fee within the deadline.
Among them, Madison Media Company sued LeTV at a Hong Kong court in China owed 3.9 billion rupees (about 39.87 million renminbi) in fees and interest; Leo Burnett filed a lawsuit in Lehman High Court in India and stated that LeTV owed it 26.5 million. Rupee (approximately 2.709 million yuan).
Three companies under Madison Media provide services for LeTV. A Leo Burnett employee confirmed the company’s lawsuit against LeTV. "After the cash was burned and the parent company was caught in the crisis of the capital chain, LeTV's disappeared from India, leaving behind unpaid bills." A digital media company that encountered LeTV's arrears said, "Some manufacturers are ready to sue, Still others are trying to contact LeTV."
Sam Balsara, Chairman of Madison’s company, said, “We have already crossed the first barrier. We hope to have a fair and judicial decision. We hope to finalize our judgment in the middle of next year (the court).†Balsara also said that LeTV The example is a lesson for everyone. "This taught us a lesson: getting a bank guarantee from a financially obscure client. After LeTV began to default on fees, we stopped all advertising services in August last year.
A Leo Burnett employee also confirmed the company’s lawsuit against LeTV.
In response, a LeTV spokesman said that "we have not abolished the department in India." At present, LeTV's official home page is currently inaccessible.
It is reported that LeTV announced its landing in India in January 2016 and held a conference that claimed to be one of the largest in India's history. It began to sell LeTV and LeTV in India. However, with the financial problems of LeTV, its global expansion plan has also been disrupted. According to Indian media "Economic Times" reported on March 3 this year, LeTV India will lay off 85% of the company. Subsequently, LeTV confirmed in the statement that the company will adopt corresponding scale adjustments in markets including India.
According to foreign media, LeTV’s arrears of advertising company fees in India may affect other Chinese mobile phone companies that have entered the Indian market.
An advertising sales representative of an Indian TV broadcaster who chose to be anonymous said that “Chinese smart phone companies such as Vivo, OPPO and Xiaomi spend a lot on advertising and marketing, but where are their credibility? They have a huge budget. And what will eventually stop them from expanding and leaving? I wouldn't be surprised if there are more similar (LeTV) companies to leave in the next two years."
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