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"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.

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