Chinese technology company LeEco has announced that it is buying Vizio in a deal worth $2 billion. Vizio is a US company who makes affordable TVs, sound bars and other home entertainment equipment.
The deal with give LeEco easy access to the US market as Vizio is already a well established brand in the US.
“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. “As we enter a new chapter with LeEco, I’m humbled by the hard work and dedication of VIZIO shareholders and employees. Their unwavering faith in the brand and commitment to excellence is what made this venture possible. 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.”
The VIZIO executive management team will remain in place and will continue its operations as an independent subsidiary from its existing headquarters in Irvine, CA. The VIZIO brand and its portfolio of products will continue to be sold through its existing distribution channels and supported by the same North American-based, award-winning customer service. William Wang will transition to Chairman and Chief Executive Officer of Inscape, with focus on the continued expansion and growth of the brand’s data business.
You can find out more information about the deal between Vizio and LeEco at the link below.
Source Press ReleaseFiled Under: Technology News, Top News