Pioneering Internet Ecosystem Company LeEco Acquires VIZIO for $2 Billion

Pioneering Internet Ecosystem Company LeEco Acquires VIZIO for $2 Billion

BANGALORE, July 27, 2016 /PRNewswire/ --



Disruptive, First-of-its Kind Ecosystem Model Delivers New Value for U.S. Consumers



LeEco and VIZIO, Inc. announced today a definitive agreement under which LeEco would
acquire VIZIO, Inc. for $2 billion USD. The VIZIO hardware and software businesses will be
owned and operated as a wholly owned subsidiary of LeEco, while the VIZIO data business,
Inscape, will spin out and operate as a separate, privately owned company.



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Recently named one of Fast Company's 2016 'Most Innovative Companies', LeEco is a
leading global company that provides breakthrough experiences through an open, integrated
ecosystem enabled by its Internet and cloud platform. LeEco develops intelligent hardware
that serves as the interface to connect individuals, interact with them and to enrich
their lives through premium content and applications.



"LeEco believes in breakthrough technologies, a complete ecosystem and disruptive
pricing. Acquiring VIZIO is an important step in our globalization strategy and building
our North American presence," said Yueting Jia, Founder, Chairman and Chief Executive
Officer, LeEco. "From its inception, VIZIO introduced a disruptive business model that
changed the industry and aligns with our vision of breaking boundaries to deliver
consumer-focused products, software and services."



Based in Irvine, CA and founded in 2002, VIZIO is a leading consumer electronics brand
in North America, with #1 unit share in Smart TVs1 and #1 unit share in Sound Bars2. The
company is focused on delivering the ultimate home entertainment experience through its
ecosystem of hardware, software and services. The acquisition benefits both companies with
VIZIO offering LeEco a steady install base of users and a brand that is both popular and
successfully distributed throughout major North American retail channels. LeEco provides
VIZIO immediate global scale to bring its innovations to consumers worldwide. Like LeEco,
VIZIO shares a similar vision of creating premium products with the latest innovations and
making them accessible for everyone - from budget-minded students to custom home theatre
cinephiles - without sacrificing quality or performance.



"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 William Wang,
Founder, Chairman and Chief Executive Officer, VIZIO. "As we enter a new chapter with
LeEco, I'm humbled by the hard work and dedication of VIZIO shareholders and employees.
Their unwavering faith in the brand and commitment to excellence is what made this venture
possible. I'm excited to see how LeEco's global reach and resources will elevate VIZIO as
we continue to bring great technology, innovation and value to our consumers."



The VIZIO executive management team will remain in place and will continue its
operations as an independent subsidiary from its existing headquarters in Irvine, CA. The
VIZIO brand and its portfolio of products will continue to be sold through its existing
distribution channels and supported by the same North American-based, award-winning
customer service. William Wang will transition to Chairman and Chief Executive Officer of
Inscape, with focus on the continued expansion and growth of the brand's data business.



As part of the definitive agreement, LeEco will acquire all of the VIZIO hardware and
software operations, technology and intellectual property. The transaction is expected to
close during the fourth quarter of 2016, and is subject to customary closing conditions.
BofA Merrill Lynch acted as advisor to the special committee of the VIZIO board of
Directors, and Latham & Watkins LLP served as legal counsel for VIZIO on this transaction.



About LeEco:  



LeEco is a leading global technology company that provides breakthrough experiences
through its open, integrated ecosystem of streaming content, platforms, and smart devices
that fit perfectly into a broad spectrum of lifestyles. LeEco opens new opportunities for
consumers by offering a wide array of next-generation connected products - including
smartphones, TVs, bikes and cars - and content spanning sports, film and live
entertainment. LeEco was recently named one of Fast Company's 2016 'Most Innovative
Companies', and Alphr's 'Best of Mobile World Congress - Most Innovative Company'.


To learn more, visit: http://www.leeco.com and follow LeEco on Facebook and
Twitter.



About VIZIO:  



VIZIO's mission is to deliver the ultimate entertainment experience through our
community of connected consumers, advertisers, and media content providers. Through our
connected entertainment platform, VIZIO is transforming the way consumers discover and
experience media content. Since our founding in California in 2002, VIZIO has built an
industry-leading brand and sold over 70 million products, including televisions, sound
bars and other devices. VIZIO is a leading CE brand in North America with the #1 unit
share in Smart TVs and #1 unit share in Sound Bars. VIZIO product leadership is
highlighted by a number of industry reviews and awards: the VIZIO P-Series SmartCast Home
Theater Displays are the highest-ranked LED/LCD display on CNET in 2016, having received
an editors' rating of 4.5/5 stars; the VIZIO Reference Series achieved a 2016 Editors'
Choice Award from Reviewed.com; and the VIZIO D-Series earned a 2016 Editor's Choice Award
from PC Magazine.



For more information, please call 888-VIZIOCE or visit http://www.VIZIO.com .




 
Media Contact: 
Nitin Kinger 
nitinkinger@LE.COM  
+91-9769988304 
LeEco India 


 





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Le Ecosystem Technology India Pvt. Ltd.


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