LeEco Acquires U.S. Smart TV Outfit

SAN JOSE/IRVINE: Chinese tech giant LeEco, which operates a video streaming platform as well as manufactures consumer-electronics devices, is buying U.S. smart TV brand VIZIO for $2 billion.

VIZIO’s hardware and software business will be owned and operated by a LeEco subsidiary. The executive management team will remain in place at the Irvine, California, headquarters. Its data operation, Inscape, will be spun off into a privately owned entity.

“LeEco believes in breakthrough technologies, a complete ecosystem and disruptive pricing,” said YT Jia, founder, chairman and CEO of LeEco. “Acquiring VIZIO is an important step in our globalization strategy and building our North American presence. From its inception, VIZIO introduced a disruptive business model that changed the industry and aligns with our vision of breaking boundaries to deliver consumer-focused products, software and services.”

William Wang, founder, chairman and CEO of VIZIO, noted, “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.” Wang will transition into the role of chairman and CEO of Inscape following the transaction, which is expected to close in Q4.