LeEco acquires Vizio for $2 billion

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Vizio has dabbled in the smartphone industry a bit, but its main business is in televisions and home sound equipment. And a growing Chinese tech power, LeEco, wants in on that.

The company, known domestically as Letv, has bought the Irvine, California-based manufacturer for $2 billion. If the deal successfully closes (expected sometime in the fourth quarter), Vizio will operate as a subsidiary of LeEco.

With this transaction, Vizio will get global reach while LeEco continues its entrenchment in the United States. The brand will officially launch in September.

Source: PRNewswire

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About The Author
Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.