LeEco, formerly known to most Android folk as Letv, has reached a deal to acquire Vizio for $2 billion. LeEco’s interests go way beyond that of just smartphones, but the company has yet to really push into the US market. In China and other markets outside the US, the company’s cloud and internet-based platforms, as well as television sets, do very well.
Anyway, Vizio, one of what seems like very few US-based TV makers is being sold to China’s LeEco. The deal includes all hardware and software operations, technology, and intellectual property. However, the Vizio data business, known as Inscape, will spin out and operate as a separate, privately owned company.
According to LeEco’s CEO, YT Jia, “LeEco believes in breakthrough technologies, a complete ecosystem and disruptive pricing. Acquiring VIZIO is an important step in our globalization strategy and building our North American presence.”
Keep in mind, Vizio will continue to operate as its own entity, maintaining its place in all of the current distribution channels. In layman’s, don’t worry, your beloved Vizio TVs aren’t going to disappear from shelves. Furthermore, if you currently own a Vizio TV set, the customer service already in place will remain the same. Nothing drastic is taking place.