China’s LeEco Buys VIZIO For $2 Billion In Smart TV Market Grab

The television market is getting smarter–and two of the largest companies in that transition are teaming up.

On Tuesday, Chinese tech firm LeEco announced an agreement to buy American TV-maker Vizio for $2 billion. The move joins one of the largest manufacturers of cheap televisions in the U.S. with a company that few have heard of outside of Asia. LeEco, often described as the Netflix of China, operates both a streaming video business and smart TV business of its own there–and its founder has even greater ambitions to bring the company into everything from cell phones to self-driving cars.