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Chinese Conglomerate LeEco Acquires Vizio for $2 Billion

posted by cmn32480 on Saturday July 30 2016, @02:13PM   Printer-friendly
from the yes-his-name-is-willy-wang dept.

"exec" writes:

Original URL: http://www.cnet.com/news/chinese-conglomerate-leeco-acquires-vizio-for-2-billion/

Chinese conglomerate LeEco just spent $2 billion to get its foot in the door of the US television market.

Along with Samsung, Vizio has been one of the two most-popular TV brands in the US over the last few years. Vizio TVs are among CNET's most-recommended models.

The news, rumored for the last couple of weeks, came from Vizio founder and CEO William Wang on stage at a joint press event in Hollywood. Vizio's hardware and software businesses will be owned and operated as a wholly owned subsidiary of LeEco, while the Vizio's data business, Inscape, will be spun off.

[...] "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 Wang.

ArsTechnica also notes:

Wang will still be connected to Vizio, however, by becoming chairman and CEO of Inscape, a separate business that will carry Vizio's controversial torch of mining TV viewers' data for advertising and other data-driven services. Wang will be a 51-percent stakeholder in Inscape, with LeEco owning the other 49 percent and licensing Inscape's offerings for Vizio products for 10 years.

-- submitted from IRC

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  • (Score: 0) by Anonymous Coward on Saturday July 30 2016, @09:26PM

    by Anonymous Coward on Saturday July 30 2016, @09:26PM (#382060)

    Interesting comment, not sure why you care? You are correct that I often find the time to research purchases to get something that will do a good job of meeting my (perceived) needs. The expensive 42" Samsung replaced a 25" tube TV that I'd fixed a few times and was really sick of working on...

    According to this page, http://money.cnn.com/calculator/pf/income-rank/ [cnn.com] I'm just outside the top 10% -- but that's on income only. Looking at net worth (own my house, nearing retirement age with savings, etc), I'm doing considerably better, well into the top 10%, http://www.financialsamurai.com/top-one-percent-net-worth-amounts-by-age/ [financialsamurai.com]

    A long time ago I realized that I didn't want to grow old and rely on others (or future gov't benefits) to be comfortable, so savings has been a top priority.

    Anyone know of a better calculator for this stuff?