China's LeEco to Acquire Vizio for US TV Set Business

LeEco, a Beijing-based technology company and one of the largest online video companies in China, agreed to acquire Vizio for $2 billion. The deal includes all of the VIZIO hardware and software operations, technology and intellectual property.

Vizio, which is based in Irvine, California and founded in 2002, is a leading consumer electronics brand in North America, with #1 unit share in Smart TVs and #1 unit share in Sound Bars.

“Fourteen years ago, I mortgaged my house to start VIZIO and since then, it has grown into one of the most well-known and respected CE brands in North America. As an entrepreneur, I couldn’t be more proud of what has been accomplished,” said William Wang, Founder, Chairman and Chief Executive Officer, VIZIO.

http://www.leeco.com/