29 Jul '16, 9pm

China's LeEco to Acquire Vizio for $2 Billion

SAN FRANCISCO—LeEco, a Chinese tech company best known as a supplier of streaming video content, has agreed to buy U.S. television supplier Vizio Inc. for $2 billion. LeEco (Bejing) said Vizio’s hardware and software businesses would become a wholly owned subsidiary while its data business, Incscape, would be spun out as a private company. The surprise acquisition of Vizo, which was founded in 2002 and rose with the explosion in flat panel TV sales to become one of the largest TV brands in North America, hints at the bold U.S. expansion plans of LeEco, which is relatively unknown outside of China. LeEco is based in Beijing but has several offices throughout the world, including four in the U.S.—San Diego, Seattle, Los Angeles and San Jose, Calif. YT Jia, LeEco “Acquiring Viziois an important step in our globalization strategy and building our North American presence,” said...

Full article: http://www.eetimes.com/document.asp?doc_id=1330236&_mc=RS...

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