The transaction amount will be $2.3 billion
Walmart is buying smart TV maker Vizio for $2.3 billion. While Walmart has long been one of the largest sellers of Vizio TVs, the company says the acquisition «enables it to operate a profitable advertising business that scales quickly». The transaction is still subject to regulatory approval.
Vizio sells mid-range TVs, most of which feature the SmartCast operating system. TVs offer customers free content that is supported by advertising. The company recently updated its lineup with a more intuitive user interface, as well as faster launch and app switching.
Meanwhile, Walmart offers TVs from its own ONN brand, but these TVs are very inexpensive, selling for under $500.
«We believe the combination of these two businesses will be significant as we redefine the relationship between retail and entertainment», — said Walmart Vice President Seth Dallaire.
«Our technology will help bring a large-scale connected TV advertising platform to Walmart Connect», — added Vizio CEO William Wang.