Twitter
Advertisement

LeEco acquires smart TV brand Vizio for US $2 billion

Based in California, Vizio is a well known name in the US, providing hardware in the form of smart TV's and sound bars.

Latest News
article-main
LeEco CEO Yueting Jia (L) with Vizio CEO William Wang (R).
FacebookTwitterWhatsappLinkedin

LeEco and Vizio, Inc. announced today a definitive agreement under which LeEco would acquire Vizio, Inc. for $2 billion USD. The Vizio hardware and software businesses will be owned and operated as a wholly owned subsidiary of LeEco, while the Vizio data business, Inscape, will spin out and operate as a separate, privately owned company.

Recently named one of Fast Company’s 2016 “Most Innovative Companies,” LeEco is considered a leading global company that provides breakthrough experiences through an open,integrated ecosystem enabled by its Internet and cloud platform.

“LeEco believes in breakthrough technologies, a complete ecosystem and disruptive pricing. Acquiring Vizio is an important step in our globalization strategy and building our North American presence,” said Yueting Jia, Founder, Chairman and Chief Executive Officer, LeEco.

Based in Irvine, California and founded in 2002, Vizio is a leading consumer electronics brand in North America. The company is focused on delivering the ultimate home entertainment experience through its ecosystem of hardware, software and services.

The acquisition benefits both companies with Vizio offering LeEco a steady install base of users and a brand that is both popular and successfully distributed throughout major North American retail channels. LeEco provides Vizio immediate global scale to bring its innovations to consumers worldwide.

William Wang, Founder, Chairman and Chief Executive Officer, Vizio said, “I’m excited to see how LeEco’s global reach and resources will elevate Vizio as we continue to bring great technology, innovation and value to our consumers.”

The Vizio executive management team will remain in place and will continue its operations as an independent subsidiary from its existing headquarters in California. As part of the definitive agreement, LeEco will acquire all of the Vizio hardware and software operations, technology and intellectual property. The transaction is expected to close during the fourth quarter of 2016.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement