What’s new: Debt-ridden Chinese streaming service provider Leshi Internet Information and Technology Corp., also known as LeTV, announced that it will raise employee salaries and restore compensation for expenses to pre-pandemic levels as the company comes to the end of a financially sound year, according to an internal letter seen by Caixin.
“Our latest financial data shows that we have managed to balance operating profits and cash flow for the first time during the past few years,” said LeTV in the letter. The employee salaries and benefits will be restored after the next Lunar New Year, which falls on Feb. 1.
