Chinese electronics firm LeEco is buying American TV manufacturer Vizio for $2 billion. The acquisition was announced during a press event this morning in Los Angeles, giving LeEco an instant foothold in the US television market. Under the deal, Vizio will be operated as an independent subsidiary, with the company's current management team staying in place and working out of its offices in Southern California. Vizio's data business, Inscape, will be spun out into a privately held company, with LeEco owning 49 percent. Vizio CEO William Wang will serve as chairman and CEO of Inscape, owning the remaining 51 percent. The LeEco deal is expected to close in the fourth quarter of this year.
In what seemed to be more of a eulogy than a press...
