LeEco acquires US TV company VIZIO for $2 billion

Chinese internet and technology conglomerate LeEco on Wednesday announced the acquisition of the hardware and software businesses of US TV company VIZIO Inc. for $2 billion to strengthen its presence in North America as part of its globalisation strategy.

According to the deal, 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 operate as a separate, privately owned company, LeEco said in a statement.

“Acquiring VIZIO is an important step in our globalisation strategy and building our North American presence,” said Yueting Jia, Founder, Chairman and Chief Executive Officer, LeEco.