LMG/LTT has a systemic culture of quantity over quality in video production that led to significant factual errors in video production being the norm rather than the exception, and corrections to factual errors weren't handled appropriately. There was also unethical conduct around a prototype they received from a company called Billet: exactly how unethical is unclear right now, some elements may have been negligence rather than malice. While this was happening, an employee of theirs stated during a tour of their new "LTT Labs" facility that their videos and testing were going to be/were better than the testing of channels like Hardware Unboxed and Gamers Nexus, for reasons that were not true. They called out these other channels by name and essentially said their rigour in testing wasn't as good as LTT. I want to be clear, this was a small video and the comment was made by an employee (albeit a senior employee) during a tour, this probably wasn't big higher-ups intentionally starting drama. Hardware Unboxed were offended and wrote online about both the claim being factually incorrect and also that this was an unprofessional way to act. Linus responded on their WAN show by essentially stating that while he wasn't 100% on board with the way everything happened, he essentially supported the comments as true. At this point Gamers Nexus published a 45 minute video detailing not only exactly how and in what way the comments were not true, but also doing an expose on the general very poor quality of LTT/LMG fact checking and information, including really serious informational errors that ended up likely changing the outcome of a review. This expose is where the information at the start of this comment is from, and the majority of the expose is just a technically proficient analysis of the publicly available, incorrect material that LTT/LMG have published and continued to publish throughout. Linus's response to this video was bad and emotional by his own admission, and included more untrue statements (and really memeable silliness, like saying "we didn't sell it, we auctioned it off", even though Gamers Nexus had specifically noted that the item they weren't permitted to sell or auction off had been auctioned off).

The video linked in OP is essentially the rest of LMG that isn't Linus saying basically the right things about the whole affair. Specifically, they claim they will address the near-proximate cause of the factual errors (too much time pressure due to their self-imposed video release schedule), that they will improve inter-departmental communication both to enable fact checking that prevents meaningfully false information from being released and to prevent things like selling a small companies best-in-production prototype without permission. Both the CEO and CFO committed to a lessened video release schedule and a minimum one week off posting, which is significant as it's the channels first time in eleven years that they won't be posting a video every day. Linus does appear in the video towards the end and is, in my opinion, the worst appearance in the video by far as his manner suggests that he really doesn't understand what he's done wrong about at least some of these things, even if he does seem to understand others. Luke also appears and is very apologetic, which feels weird to me as my main exposure to him as someone who is a casual watcher of LTT/LMG is that he is constantly trying to prevent Linus from saying or doing really, really dumb things on the WAN show - maybe he actually has more responsibility for some of these errors behind the scenes, or maybe he has generally higher integrity which caused both the apology from him and him to try and stop Linus from making significant mistakes publicly; I don't know.

That is about a full summary.