Chinese tech firm LeEco agrees to buy Vizio TV maker

By: | Published: July 27, 2016 12:08 AM

The $2 billion purchase announced Tuesday marks another ambitious foray by LeEco. The company's chairman and CEO, billionaire Jia Yueting, is also behind Faraday Future, an electric car company building a massive plant near Las Vegas.

Leeco-LJia says the purchase is important to the company’s globalization strategy and its efforts to build a presence in North America. (Company-Logo)

Chinese video streaming company LeEco is breaking into the U.S. TV market by buying Vizio, a manufacturer of budget-priced sets.

The $2 billion purchase announced Tuesday marks another ambitious foray by LeEco. The company’s chairman and CEO, billionaire Jia Yueting, is also behind Faraday Future, an electric car company building a massive plant near Las Vegas.

Jia says the purchase is important to the company’s globalization strategy and its efforts to build a presence in North America.

Vizio is based in Irvine, California, and is one of the leading brands in North America for smart TV and sound bar sales. Vizio will continue to operate as an independent subsidiary. The deal is to close by year’s end.

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