LeEco CEO YT Jia, VIZIO CEO William Wang at LeEco and VIZIO Press Conference in Hollywood where it was announced that LeEco had acquired VIZIO for $2 billion (Jeff Lewis/AP for LeEco)
American TV manufacturer Vizio is being sold to Chinese technology company LeEco for about $2 billion. Vizio will be operated as a wholly owned subsidiary.
Vizio CEO William Wang made the announcement at a press event in Los Angeles this morning. "As the father and founder of Vizio, I have mixed feeelings about this. But for our shareholders and employees, I know this is the right thing to do," said Wang.
The Vizio hardware and software businesses will be owned and operated as a wholly owned subsidiary of LeEco, while the Vizio data business, Inscape, will be spin off and operate as a separate, privately owned company led by Wang.