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 management team staying in place and working out of its offices in Southern California.
Read more: http://www.theverge.com/2016/7/26/12286756/leeco-buys-vizio-tv-company-2-billion-acquisition?source=Snapzu