VIZIO acquired by Chinese tech company LeEco for $2 billion

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 executive team staying in place and working out of its offices in Southern California — sans Vizio founder and CEO William Wang, who is leaving the company. No replacement has been named, but Wang will be taking the reins as chairman and CEO of Inscape, Vizio's data business, which is being spun out into a privately held company. LeEco will own 49 percent of Inscape, with Wang owning the remaining 51 percent. The LeEco deal is expected to close in the fourth quarter of this year.