O.C.-Based Vizio Sold To Chinese Tech Firm For $2 Billion

IRVINE, CA – Irvine-based consumer electronics company Vizio Inc. has been acquired by Chinese tech company LeEco for $2 billion, it was announced today.

LeEco creates web-based platforms and smart devices, such as cars. Vizio makes entertainment devices such as smart TVs.

"LeEco believes in breakthrough technologies, a complete ecosystem and disruptive pricing,'' said the company's founder and CEO, Yueting Jia. "Acquiring Vizio is an important step in our globalization strategy and building our North American presence.''

LeEco officials say the corporate marriage benefits both companies since Vizio offers LeEco a popular brand in North America and LeEco can help distribute Vizio products worldwide.

"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 (consumer electronics) brands in North America,'' said William Wang, the company's founder, chairman and chief executive. "As an entrepreneur, I couldn't be more proud of what has been accomplished.''

Wang said his executive management team will stay on the job, as Vizio operates as an independent subsidiary in Irvine. Vizio's data business will be spun off into a privately owned company, Inscape, and Wang will become Inscape's chairman and CEO.

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--City News Service/Image via Vizio Facebook: “Today, I am extremely pleased to announce that we have come to a definitive agreement that LeEco will acquire VIZIO as a wholly owned subsidiary.” - VIZIO Founder, CEO & Chairman, William Wang Watch #LeEcoVIZIO Announcement:LeEco.com/news/