Kommersant reports that this follows talks with a number of such services and the failure in each case to reach a valuation.
This was in part due to the financial crisis in Russia and slump in the value of the ruble.
LeEco is understood to have met with such leading OTT providers as ivi.ru, TVZavr, Megogo, Okko and Tvigle.
It also planned to spend up to $100 million on an acquisition.
As previously reported in Broadband TV News, LeEco planned to launch an on demand service in Russia this month.
It already operates a popular service, likend to Netflix, in China.
However, LeEco is moving ahead with its plans to enter the Russian smartphone market.